According to data shared by on-chain analytics platform IntoTheBlock, the second most popular blockchain, Ethereum, has seen a dramatic increase in weekly fees. IntoTheBlock has named one of the key drivers that have contributed to this rise.
According to data shared by on-chain analytics platform IntoTheBlock, the second most popular blockchain, Ethereum, has seen a dramatic increase in weekly fees. IntoTheBlock has named one of the key drivers that have contributed to this rise.
The total amount of fees collected on Ethereum has increased by 78%.
Ethereum fees soar thanks to meme coin mania
Ethereum fees begin to rise as this chain that first allowed developers to create DeFi dapps and NFTs faces congestion as there are too many transactions waiting in the meme pool to be verified. When this happens, miners begin to prioritize those pending transfers for which they are offered a higher gas fee.
From time to time, transaction fees on Ethereum start to skyrocket, and in recent years this is largely due to meme coin trading and the high level of speculation around meme cryptocurrencies.
FLOKI surpasses DOGE, SHIB, PEPE
Currently, ETH fees total approximately 28 gwei. The last time such high rates were noticed was on May 12, 2022 and in May 2023, rates also reached around the same level. On May 5, 2022, Ethereum gas fees increased to a mind-boggling 196.6 gwei, according to Bitinfocharts.
Among the most popular meme cryptocurrencies are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI). According to Floki’s official account on social media platform FLOKI has outperformed even the stocks of large companies here, such as Nvidia and Tesla.
PulseChain/X acquires 163,295 ETH
As reported by on-chain data tracker @spotonchain, the Uniswap PulseChain/X fork recently purchased an impressive 15,003 ETH at approximately $3,932 per coin, paying 59 million DAI stablecoins for that portion of ETH.
This was not the first piece of Ethereum acquired by this blockchain platform in the last four days. In total, he has purchased a staggering 163,295 ETH worth almost $621 million. PulseChain/X now has an unrealized gain of $24.3 million in fiat money.
At the time of writing, the second-largest cryptocurrency by market cap value, Ethereum, is changing hands at $3,948 per coin. Since Tuesday of this week, Ethereum has seen a massive 18.66% surge.
