Gas fees on the Ethereum network, along with the ERC-404 trend, have reached the highest levels since March 2023. Investors rushing to capitalize on the early stages of the ERC-404 trend have led to the Ethereum network experiencing peak gas costs, reaching up to 377 gwei.
The primary reason behind this increase is attributed to increased transaction activity on the Ethereum network to seize opportunities brought by ERC-404, leading to a surge in gas prices.
$600 Million in Volume
According to data from Birdeye, a significant portion of these volumes is based on substantial trade volumes created by Pandora, DeFrogs, and other ERC-404 projects that collectively surpassed a total trading volume of over $600 million last week.