Memecoin Season Highlights Ethereum’s Troubles
- The recent surge in meme coin trends has highlighted the issues with the blockchain.
- A cryptocurrency influencer highlighted inflated gas fees and network congestion after the hype around meme coins.
- Vitalik Buterin, the founder of Ethereum, has admitted that high gas fees are a failure in life.
The recent hype around meme coins has highlighted Ethereum, the blockchain that most of the major meme coins run on. Recent projects including $PEPE and $WSB have revived the meme coin trend, but the uproar has come with problems for network validators and other Ethereum users as well.
A crypto influencer going Gumshoe on Twitter recently shared a Twitter thread highlighting the impact of the ongoing meme coin season on Ethereum. According to him, the growing popularity of meme coins has given rise to structural problems in the Ethereum blockchain, the biggest of which is arguably transaction fees or gas fees.
While Ethereum has historically been known for its infamous gas fee issue, meme coin season has increased the network’s infamous gas fee. The rise of PEPE has made it so much worse that users are paying up to $200 per transaction. “In fact, gas fees are so high that most users need help even making on-chain transactions,” the influencer tweeted.
With its current capacity to process 29 transactions per second (TPS), the increased transactions amid the ongoing memecoin craze has resulted in higher processing time. The crowded network had more than 157,000 pending transactions at the time of writing. That number was 200,000 earlier this week.
Its founder admitted that the chain suffers a failure in life if the fees are high! pic.twitter.com/Lf6h6WDs4n
— gumshoe (@0xGumshoe) May 9, 2023
Assuming network validators process 15 transactions per second, pending transactions would take more than three hours to clear. Ethereum founder Vitalik Buterin stated back in 2018 that high gas fees should be considered “an actual failure in life.” While his comments implied this, the irony is that it applies to his blockchain today.
Memecoin season highlighting issues with Ethereum first appeared in Coin Edition.