Plain meaning
Start with the shortest useful explanation before going deeper.
The memory pool maintained by each blockchain node containing unconfirmed transactions that have been validated but not yet included in a block. Miners/validators select transactions from the mempool typically prioritizing those with the highest fee rate. Each node's mempool is independent and may differ based on propagation delays; during high-demand periods, the mempool can grow significantly, causing fee spikes as users compete for limited block space.