8 months ago
47 ARTICLE AD
Meme coin mania pushes Ethereum and Solana trading to new heights.
Ethereum (ETH) and Solana have experienced a significant increase in trading activity due to the rising popularity of meme coins, generating over $190 million in gas fees on Ethereum in the weekly period, a two-year high. According to the latest newsletter from on-chain data firm IntoTheBlock, the potential annualized rate exceeds $10 billion.
Ethereum’s fee-burning mechanism has led to a reduction of 33,000 ETH in supply, roughly valued at $125 million. While this deflationary aspect benefits ETH holders, the average transaction fee on the mainnet has spiked to $28, pricing out many users.
Similarly, on Ethereum’s layer-2 (L2) blockchain Arbitrum, fees have climbed above $1 for the first time since the Nitro upgrade in June 2022. However, the upcoming Dencun upgrade for Ethereum is expected to alleviate the high gas prices on L2s starting next week.
On meme coins with rising prices, PEPE has seen a 600% return, outpacing other crypto from the same niche. This surge has resulted in 91% of PEPE holders currently profiting from their investments. Despite PEPE’s success, it has a lower holder count at 170,000 addresses compared to SHIB’s 1.3 million and DOGE’s 6.3 million.
The meme token craze has not been limited to Ethereum, as Solana’s decentralized exchanges (DEXs) witnessed a staggering $15 billion in trades this week. This volume is close to Ethereum’s $20 billion, according to DeFiLlama data.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by HAL, our proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
