Ethereum network revenues hit their highest in two years due to speculation in meme tokens. Data from IntoTheBlock shows that Ethereum network fee revenue totaled $193 million this week, up 78% from last week.

The activity on the blockchain was driven by increased speculation with meme tokens such as pepe {{PEPE}}, shiba inu {{SHIB}} and floki {{FLOKI}} doubling in price over the past week.

Trading volumes on Ethereum-based decentralized exchanges (DEXs) surged 40% to $20 billion this week, according to DefiLlama.

On the other hand, high activity has made blockchain very expensive for users. The average transaction cost (gas fees) on Ethereum reached $28 this week, making it "unusable" for many users, IntoTheBlock notes.