The memecoin craze shows no signs of slowing down. Recently, memecoins have been a prominent trend in the crypto market. It is believed that the $PEPE coin started this memecoin bull run. Especially after the news that “A $250 investment in $PEPE reached over 1 million dollars in just four days!” it became the focus of everyone’s attention.
Subsequently, with all crypto investors starting to talk about $PEPE coin on Twitter, there were significant price increases and its market value surpassed 500 million dollars. You can read our latest article to learn more about $PEPE coin.
However, this surge is not limited to $PEPE coin alone, and many other memecoins are seeing similar significant price increases.
Ethereum transaction fees are at their highest levels in the past year.
The memecoin frenzy has caused Ethereum transaction fees to skyrocket, reaching their highest levels in the past year.
The main reason for this increase is believed to be the memecoin frenzy. This is because most memecoins are traded on decentralized exchanges, and investors need to transfer Ethereum on the network to buy and sell them. As the number of transactions increases, transaction fees continue to rise in proportion due to network congestion.
Currently, the Ethereum transaction fee is around $30.
At the same time, the use of decentralized exchanges has also reached its highest level since 2021.
The increase in Ethereum transaction fees continues to bother users and leads to the search for different alternatives.
Therefore, blockchains such as Binance Smart Chain, Polygon, and Avalanche are designed to be compatible with Ethereum Virtual Machine (EVM). These networks are preferred as an alternative option for making transactions at lower costs when the transaction fees on the Ethereum network are high.
As a result, high transaction fees on the Ethereum network have been a longstanding problem that the Ethereum community has been trying to solve. The team has stated that they are working intensively on this issue.
While it is unknown how long the memecoin craze will continue, we know that the goal of all crypto investors is to find the coins that will experience significant growth in the future, like Doge and Shiba Inu.