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ETH Gas Fee Escalates Due to Memecoin Accumulation Frenzy

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Source: Youtube

A recent report disclosed that the Ethereum network gas fee jumped to new multiple months high following the memecoin frenzy.

Due to the high transaction charges, Ethereum’s everyday revenue multifold swelled against Bitcoin.

Whereas, the supporters of Ethereum celebrate the revenue growth, many other people say the contrary.

They point out the congestion as well as the difficulty in transactions in the network.

READ ALSO: Binance Will Retire LUNC Deposit Addresses. Details Below

Meme Coins Took The Top Positions In Investors’ Spending

According to a Santiment report, the best 10 gas-burning altcoins experienced an unusual shift today.

New memecoins like; $APED, $TROLL, and $BOBO appeared first in the top 10 spenders.

Then the likes of  $USDT, $ETH, and the $WETH that were supposed to be at the top of the distribution list followed.

As of today April 20, Ethereum’s transactions gas price is around 81.94 gwei. It was up from 60.82 gwei on April 19 and around 44.42 gwei the previous year.

This shows a high of 34.74% from  April 19 and 84.46% from April 20, the previous year. Gwei is an Ether denomination that represents 1B of 1 ETH.

READ ALSO: CME Group Adds Daily Expiration For BTC & ETH Futures

Daily Fee Revenue Surge

An independent Ethereum instructor, Anthony Sassano, shared the daily fee revenue surge of the Ethereum exchange.

According to him, the second-largest Blockchain has delivered up to 28 times more revenue than Bitcoin.

He further referred to the Ethereum layer-2 platforms, such as Arbitrum-1, which has outperformed the Bitcoin network with regard to daily revenue.

This situation was caused by the ongoing frenzy for meme,” he says.

Meanwhile, Ethereum supporters argue seriously that the high gas rate and higher revenue show that more people are now using the network.

However, most people on Crypto Twitter immediately pointed out that the large-scale usage they are pointing towards is just a few thousand users taking their chances on memecoins.

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Source: Crypto Fees By Blockchains

Sassano felt disappointed with the turn of events since he hoped that ETH would become the future of finance.

Allegedly, a few users paid a high amount of $100 as gas fees. On the other hand, few others are complaining about paying higher gas fees than the real transaction.

READ ALSO: Chainlink’s LINK Spikes: Can it Reach the $9 Zone

In addition, MEV (Maximal Extractable Value) was blamed as one of the important reasons for increasing gas fees. Reportedly, MEV traded bots is a front-runner for memecoins trades on a large scale.

For the past 24 hours, this bot has been the highest gas spender. It spent up to 455 ETH, worth $950,000 and utilized 7% of the gas network.

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