- Ethereum gas fees have reached record levels in the past few weeks.
- The PEPE-led meme mania was the main reason for the high gas fees.
- The community joked about its pricing of Ethereum.
A few weeks ago, the cryptocurrency industry appeared to be dead with little onchain activity compared to the 2020/2021 bull market.
However, a recent meme coin craze that appeared seemingly out of nowhere changed the status quo: crypto activity has rebounded, especially in Ethereum As gas tariffs rose to record levels.
Ethereum hits record gas fee amid PEPE mania
The Ethereum blockchain has become unusable, at least for the majority of people who try to use it. Gas fees have skyrocketed during PEPE’s ongoing meme coin craze, to the point where some users have gone under-priced.
Over the past few weeks, amid the hysteria of PEPE, the average Ethereum The price of gas has gone to levels not seen since May 2022. Since the launch of PEPE on April 18, the average price of gas has been 74 gwei. On the 5th of May, the average price of gas was 155 gigs, he said data from Etherscan.
Some users paid hundreds of dollars for a single transaction. Even one user paid 64 ETH in gas fees for a single transaction, which equates to $120,000 USD.
Since then, PEPE has fallen by 60% in the past few days. However, gas is still higher and currently fluctuates between 145-190 gwei while PEPE has shed 60% in the past few days.
Community reaction to the high Ethereum gas fee
The crypto community on Twitter reacted to the astronomical gas graphic on Ethereum. One user cried for help with paying a $100 gas fee for a $10 purchase.
Another joked that the only way to pay Ethereum’s high gas fees was to sell his left kidney.
a Cardano One community member mocked Ethereum’s high fees and sarcastically asked if Ethereum users had heard of Cardano, a blockchain with lower fees.
on the flip side
- There is a contradiction in saying that “no one uses Ethereum because the gas fee is too high.” Gas fees are high precisely because of the increased demand for Ethereum block space.
Why should you bother
Higher gas fees on Ethereum indicate higher activity on the network. However, a lot of users are priced in with Ethereum when gas prices are high. At the same time, there are several Ethereum layer 2 solutions that scale Ethereum and eliminate high gas fees.
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