A Twitter user shared the screenshot of an address backlisted because it was suspected of being an MEV bot.
MEV bots gain with several techniques like; back-running, liquidation, front-running, and arbitrage.
The growth of these bots has caused worries concerning Ethereum’s fairness and security since; their activities are harmful to users.
The bots cause increased gas fees, creating network congestion and front-running transaction.
What Led To the Red Flag
This week, Bots are swindling unsuspecting cryptocurrency traders following the memecoin madness that sweeps into the market.
Their major tactics are to manipulate Ethereum records’ structure and process transactions for soaring tokens.
An example is PEPE, the frog-themed memecoin. Recently, automated programs named sandwich bots have brought in millions of dollars.
Just a single sandwich robot alone, known as jaredfromsubwayeth, brought profits of $1.7 million for now.
For the past few days, reports are showing that the MEV robot, jaredfromsubway.eth is busy raking in up to $2.3 million in progressive profits successfully.
READ ALSO: CME Group Adds Daily Expiration For BTC & ETH Futures
How It Relates to Pepe
An action was taken to backlist the addresses suspected to be MEV bots.
As at that period, PEPE has already become one of the objects that move very fast on Ethereum network.
Alongside PEPE in trading very fast is its fellow memecoin, the newly introduced WOJAK.
PEPE was just introduced on April 16 and has already increased by more than 21,000% in 4 days. Moreover, it hit $30 million in its Uniswap trading volume and reached a $33 million market valuation by April 18.
READ ALSO: Binance Will Retire LUNC Deposit Addresses. Details Below
In addition, PEPE trade volume goes between $152M and $164M, showing a rise of 174% in the last 24 hours.
Its circulating number has risen to 429 trillion, of which up to 93.1% of it has been burned and sent off to the liquidity pool.
This leaves only 6.9% for the liquidity pools, CEX listings, and bridges.
Back Story
According to information, PEPE showed an activity worth $250 million within the last week, whereas WOJAK brought in a little less than $120 million.
Also, the information shows that MEV bots made huge profits from WOJAK and PEPE trades.
As per the decentralized finance data platform, the MEV robot, which is under the control of a user with the pseudonym of jaredfromsubway.eth siphoned $1.5 million.
This amount is just in profits alone made from PEPE trading pairs. In addition, it got over $2.8 million in WOJAK as well.
It only took PEPE 3 days for it to hit 1000%. Its value rose dramatically in the past few days, as per CoinMarketCap.
