- This is due to the hype for meme tokens
- The last time such commissions were observed was in May 2022.
Average fees on the Ethereum network are rapidly grew up, they reached a maximum that was last seen in May last year. This is largely due to increased attention and trade in memcoins.
A Twitter user under the pseudonym Hildobby posted a graph of commission growth:
On May 2, the Ethereum fee jumped to around 87 gwei. Hildobby explained that the growth was mainly driven by memcoin trading.
Recently, memcoins have caused a boom in the cryptocurrency market. The PEPE token deserves special attention, the trader earned more than $1.14 million on it, having invested only $250. In just four days of last month, the price of the token soared more than 266 times. You can read more about PEPE in our material.
In general, the market value of such coins crossed the mark of more than $500 million, but subsequently fell below $400 million. However, many of these tokens lack liquidity, so traders do not have the opportunity to buy and sell close to the market price.
It’s not just the Ethereum network that has problems with high fees. In early February, Crypto.com customers started sharing complaints about draconian fees en masse. In some cases, they reached 50% of the order amount.