Memepool has ended the controversy surrounding the highest single transaction fee observed in the Bitcoin (BTC) network by returning the over $500,000 BTC transaction fee mistakenly paid. This incident had initially sparked speculation within the cryptocurrency community and set a new record for the highest transaction fee in Bitcoin’s history.
On September 15th, Memepool confirmed in a post that the substantial sum belonging to Paxos had been returned to its rightful owner. Paxos had mistakenly paid over $500,000 for a transaction valued at only $2,000. There were speculations that this colossal fee might have been sent incorrectly by PayPal.
Following this historic transaction fee incident, Bitcoin transaction fees experienced a significant decline. On September 10th, fees surged to over $1.2 million, but they dropped to approximately $818,000 on September 11th and have largely remained in that range, with the current fee at around $814,000.
Miner revenue also decreased from the levels seen immediately after the fee error, falling from over 4.8% to approximately 2.9% at the time of writing.
Conversely, Bitcoin has sustained its upward momentum on a daily timeframe chart. It has undergone a series of successive uptrends in recent days, accumulating a gain of more than 5% during this period. At the time of writing, Bitcoin was trading at approximately $26,570, with a noticeable price increase evident in the ongoing trading session.
This recent price surge has impacted Bitcoin’s Relative Strength Index (RSI), hovering around the neutral line at the time of writing. This suggests a relatively weak bullish market trend, reflecting the cryptocurrency landscape’s dynamic nature.