The Memecoin Chaos Has Pushed Ethereum Gas Fees To A 12-Month High

Key Points:

• Ethereum gas fees have risen to a 12-month high as the latest memecoin craze has prompted investors to spend millions of dollars on Ethereum memes, particularly Pepe (PEPE).
• Earlier this week, the average daily gas price on Ethereum reached a 12-month high of 87 gwei. Since the start of PEPE on April 18, this figure has climbed by more than 50%. The average petrol price once surpassed 150 gwei.

As Ethereum memecoins such as PEPE grew in popularity, gas fees on Ethereum reached a 12-month high.

Ethereum gas fees have risen to a 12-month high as the latest memecoin craze has prompted investors to spend millions of dollars on Ethereum memes, particularly Pepe (PEPE).

Earlier this week, the average daily gas price on Ethereum reached a 12-month high of 87 gwei. Since the start of PEPE on April 18, this figure has climbed by more than 50%. The average petrol price once surpassed 150 gwei.

This surge, according to CoinMetrics, reflects increased demand for the Ethereum network, primarily from memecoin dealers.

According to CoinMetrics, the Ethereum (ETH) ecosystem is still producing alternative cryptocurrencies that are worth millions of dollars. In the past week, PEPE’s value has increased by 1285.5%, bringing its fully diluted market cap close to $1.6 billion. This makes it the most notable memecoin currently available on the market.

The PEPE-WETH liquidity pool of Uniswap, the leading decentralized exchange on Ethereum, has recently become the largest liquidity pool in terms of the number of transactions. This is largely attributable to the development of Pepe (PEPE).

According to Alex, who works for Scimitar Capital, PEPE dealers carried out more than 410,000 deals on Uniswap, resulting in a loss of approximately $10 million in gas. As a direct result of Memecoin PEPE being listed on Binance, its total market valuation has already crossed one billion dollars.

After Binance announced the inclusion of FLOKI (FLOKI) and Pepe (PEPE) in the Innovation Zone, the price of Pepe (PEPE) has increased by 122% in the past 24 hours, and is currently trading at $0.00000037 at the time of this writing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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