MemeCoin Four Attracts A Trader For Making A Transactions Fee Of $120,000

Key Points:

  • A single trader has paid 64 Ether in gas expenses to buy $155,000 worth of FOUR, a memecoin.
  • The trader seems to have purposely raised their gas charge to shorten the transaction time to acquire the memecoin.
  • Several investigators discovered that the trader had an unrealized profit of roughly $240,000.
A trader seems to have spent approximately $120,000 for a single transaction on the Ethereum (ETH) network as gas fees rise and memecoin trading continues to flourish on the network’s decentralized exchanges.
MemeCoin Four Attracts A Trader For Making A Transactions Fee Of $120,000 2

High gas costs are not uncommon on the Ethereum network, although they have become more unusual since the switch from the proof-of-work (PoW) protocol to the proof-of-stake (PoS) consensus process.

According to on-chain statistics, a trader spent more than 64 ETH in fees on Monday to get 84 ETH worth of FOUR, a newly-issued memecoin on the Ethereum blockchain that is presumably based on the Crypto Twitter meme “4”.

According to blockchain statistics, the average transaction cost for Ethereum was about $1.9 at the start of the year and rapidly increased to $4 by February. The average transaction cost at the time of writing is 0.012 ETH, or around $22.

The trader seems to have purposely raised their gas charge in order to shorten the transaction time to acquire the memecoin. This indicates that the trader paid more than $120,000 to get FOUR tokens valued at $156,000. Nevertheless, other sleuths pointed out that the trader was only the second organization to acquire FOUR – and is now sitting on an almost $240,000 unrealized profit.

A rise in memecoin excitement may be to blame for the reappearance of high gas fees, which prompted significant network activity and congested the system over the weekend. As a result of the excitement, trade volumes on decentralized exchanges increased, resulting in increased activity from Maximal Extractable Value (MEV) bots.

An MEV bot is designed to extract as much value as possible from each block on the Ethereum network by changing its content or order.

One of the primary reasons for the spike in Ethereum gas costs is the recent memecoin frenzy, which was fueled in large part by the feverish purchase of a new memecoin named Pepecoin (PEPE).

The current hot ball of crypto money is looking for jokes rather than fundamental moves, which has driven exceptionally high gas costs on the Ethereum network.

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

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

13 minutes ago

Best Altcoins to Buy Today: Qubetics Rides 1000x Potential to Hit $2.6M, Ethereum Stays Rangebound, Tron USDT Transactions Hit $52B

Discover the best cryptos to buy and hold today: Qubetics leads with 1000x potential, Ethereum…

2 hours ago

Trump Media Company Is Pushing New Venture For Crypto Service

With the platform facing a cracked whip, Trump Media company is expanding into new business…

3 hours ago

Crypto Advisory Council Now A White House Position Attracting Leaders

Major crypto firms, including Ripple, Kraken, and Circle, are competing for spots on President-elect Donald…

4 hours ago

Analyst Sounds Major Breakout Alert Amid Shiba Inu, WallitIQ, And Dogecoin Price Recoveries

Analysts highlight a breakout alert as Shiba Inu (SHIB), and Dogecoin show signs of recovery…

4 hours ago

SEC Chair Gary Gensler Will Lose Power From January 20

SEC Chair Gary Gensler will step down on January 20, 2025, coinciding with President-elect Donald…

4 hours ago

This website uses cookies.