I wonder what the effect on the mempool will be, but it's hard ta calculate, the hashrate is dropping by around 4% so less capacity, this panic taking over.
More significantly, whenever we see big price swings like this we see well above average number of transactions with people moving coins in and out of exchanges to either panic sell or to take advantage of the buying opportunities. In the last 12 hours, transaction fees peaked at the highest they have been since July last year, when we saw the pretty rapid swings between $14k and $9k. It will be impossible tell how much of an effect this change by Coinbase will have until we have a few weeks' data at a relatively stable price to compare to historical data, though.
If the link ETFbitcoin has shared above is to be believed, over half the transactions in the network (at that time) were from Coinbase. Unbelievable. Coinbase customers are obviously happy to pay their ridiculous fees otherwise they wouldn't be using them, so for all these years Coinbase have just been throwing away money and clogging up the mempool because they are too lazy to apply this very simple fix. It beggars belief that Coinbase has become such a ubiquitous company when they are so incompetent.
