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The bitcoin blockchain is being clogged up by a recent spate of Bitcoin-based memecoins such as Pepe and Ordi, driving up transaction fees and renewing concern about Binance. Several memecoins use bitcoin for transaction settlement, using a new BRC-20 bitcoin-based token standard. Binance halted withdrawals of Bitcoin twice in less than 12 hours on May 7, 2023, citing congestion on the network, saying that higher fees have been applied to pending transactions so they get picked up by Bitcoin miners.

Thailand's Securities and Exchange Commission has announced new rules that restrict crypto exchanges from providing services related to meme tokens such as Dogecoin, fan tokens or tokens issued by influencers, non-fungible tokens and exchange tokens (proprietary coins issued by crypto exchanges that can be used to trade and pay fees). After publication in the Government Gazette, the Notification has become effective from 11 June 2021 onwards without retrospective effect. https://www.sec.or.th/EN/Pages/News_Detail.aspx?SECID=8994

Elon Musk tweeted that Tesla will accept meme-based cryptocurrency dogecoin as payment for its merchandise such as the "Giga Texas" belt buckle and mini models of electric vehicles. The move, which sent dogecoin prices 14% higher, comes a month after Musk said Tesla would test out the digital token as a payment option.

Meme coins typically are purchased for entertainment, social interaction, and cultural purposes, and their value is driven primarily by market demand and speculation. In this regard, meme coins are akin to collectibles. Meme coins also typically have limited or no use or functionality. Given the speculative nature of meme coins, they tend to experience significant market price volatility, and often are accompanied by statements regarding their risks and lack of utility, other than for entertainment or other non-functional purposes. It is the [U.S. SEC Division of Corporate Finance] view that transactions in the types of meme coins described in this statement, do not involve the offer and sale of securities under the federal securities laws.