That big dip at 30/01 is a simple bug. Perhaps the node they are using for their data went offline for a few minutes, or purged its mempool for some reason and had to re-receive all the unconfirmed transactions. There is no way that 70 MB of transactions were processed that quickly and then replace with 70 MB of new ones.

HCP is right. The mempool hasn't been below 50 MB since January 7th, and as long as we continue this ridiculous bull run, it won't be for a long time yet I would think. There are probably also a few dozen more MB of low fee transactions which have been dropped in that time.

Still, I've got some consolidating to do, and I'm happy to wait until March or even April to get that sweet 1 sat/vbyte. I don't mind paying a higher fee when needed, but consolidation can always wait.