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The crypto exchange said meme coins allow investors to make big profits in a short period of time but warned of long-term investing in these tokens.

Several mining pools such as Luxor Technologies and AntPool mined blocks on Monday where fees exceeded Bitcoin’s block subsidy of 6.25 BTC.

The effects of the BRC-20 mints range from halting of bitcoin withdrawals on Binance to frustration with the sudden high costs of making bitcoin payments in places like Africa and South America.

Fees on the Bitcoin blockchain have surged to two-year highs as the ‘Bitcoin Request for Comment’ (BRC-20) tokens and the rising popularity of the Ordinals…

Over 11,000 tokens have been issued and traded on the Bitcoin network, data shows.

ALSO: A crypto markets analyst suggests that the U.S. central bank may not be finished with interest rate hikes, even if it raises the rate on Wednesday as expected.

Over $8 million in fees have been paid to the network by inscription creators since their inception.

Bitcoin Ordinals achieved a new peak of 58,179 inscriptions on April 2, thanks to the recent introduction of the BRC-20 token standard.