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It is short for Bitcoin memory pool. It is the pool of so-called unconfirmed transactions. Whenever you transmit a transaction to the Bitcoin network, it will undergo a verification process of the Bitcoin nodes.
Once your transaction has been verified, it goes into the so-called mempool. And there it waits until it is picked by a Bitcoin miner that includes it in the next Bitcoin block. So it basically is the waiting area for pending unconfirmed Bitcoin transactions.
Here is a good description of the Bitcoin mempool, if you want to have a better understanding of it: If the Bitcoin mempool is congested, this leads to longer waiting times and higher transaction fees, which is very frustrating.
In the last month, there was a considerable increase of pending transactions and fees. There have been a lot of speculations why the number of transactions increased so drastically in the last month. Some people suggested that it has been spammed deliberately in order to drive transaction fees. Here is a video by Jimmy Song explaining some of his thoughts on this topic: A look at the current situation brings to light that the mempool is clearing up considerably.
Reasons for it might be higher adoption of Segwit and that spammers have quit their activities, because it became apparent to them that by spamming they were pushing and accelerating Segwit adoption and layer two solutions such as the lightning network. Here you can find some helpful statistics and charts regarding Bitcoin: In the screenshot below, you see the Bitcoin mempool throughout January The mempool is clearing up!!
As you can see, it is clearing up considerably and it has become very manageable. So, if you want to transfer any Bitcoin of yours, now would be a good time to do it! Authors get paid when people like you upvote their post.