Ethereum Gas Fee Surges to 12-Month High as PEPE Frenzy Grips Market
Ethereum is becoming costlier to use as the latest meme coin mania has investors churning millions for a frog-themed token called pepecoin (PEPE). The daily median gas price, or transaction cost, hit a 12-month high of 87 gwei – one gwei is a billionth of an ether (ETH) – early this week. The value has increased more than 50% since the launch of the PEPE token on April 18.
The increase represents strong demand for the Ethereum network, mainly from meme-coin traders, according to analytics firm CoinMetrics. As bitcoin (BTC) "births a nascent memecoin scene, the ETH ecosystem continues to crank out multi-million dollar altcoins," CoinMetrics said in a weekly note sent to subscribers on Thursday. "ERC-20 heavyweight PEPE ('the most memeable memecoin in existence') soared +300% over the weekend, snagging a near-$600M fully-diluted valuation." Ethereum-based decentralized exchange Uniswap's pepecoin-wrapped ether (PEPE-WETH) liquidity pools recently became the most active liquidity pool by the number of transactions.
Source
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