Bitcoin active users, fees and transactions had a wild ride in May amid memecoin mania

Quick Take

  • Bitcoin network data saw some notable developments last month, according to The Block Research. 

Thanks to memecoins with names like pepe, piza and ordi, Bitcoin saw a bit of a bumpy ride last month.

After sinking to its lowest level in nearly two years, the number of addresses active on the Bitcoin network rebounded dramatically last month as transactions skyrocketed to more than 16 million, according to The Block Research data.