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- PEPE meme coin’s popularity is causing a surge in Ethereum gas fees, reaching a one-year high.
- On May 4, the average gas fee for a single transaction on the Ethereum network was $15.8.
PEPE’s Popularity on the Rise
PEPE, a meme coin that has been experiencing wild price surges and receiving immense interest, is causing Ethereum gas fees to skyrocket. As of May 4, the average gas fee for a single transaction on the Ethereum network had reached a one-year high of $15.8. While not as high as the fees seen during the bull run of 2021, which ranged from $50 to $70, fees are still relatively expensive compared to the lows seen during the 2022 Terra LUNA market crash.
PEPE’s current market capitalization is around $863 million, with the coin recently breaking into the top 100 cryptocurrencies and reaching a $500 million market cap in just a few days. Trading volume has also been surging, with PEPE becoming the largest coin on the Uniswap decentralized exchange, surpassing WBTC and USDT, with a volume of over $150 million in the past 24 hours.
Other Meme Coins are Also Gaining Popularity
According to data from crypto analytics firm Nansen, investors who missed out on the rise of PEPE are now putting their money into other meme coins, such as SPONGE, TURBO, BOB, and TRBNR. These coins are currently the most active smart contracts on the Ethereum network’s Uniswap exchange.
Ethereum’s Layer 2 Solutions are Also Seeing a Spike in Fees
In addition to the surge in Ethereum gas fees, layer 2 solutions such as Polygon zkEVM, Starknet, and zkSync Era are also experiencing a rise in transaction fees, which have reached as high as $2 to $11.
While the rise of meme coins like PEPE may be exciting for investors looking for quick profits, it is important to remember that the cryptocurrency market is highly volatile. As such, it is crucial to exercise caution and undertake thorough research before investing.
