Ethereum fees trend toward two-month low after May's memecoin mania

After memecoin trading on decentralized exchanges made Ethereum costly last month, average transaction fees have returned to significantly less expensive levels.

The Ethereum blockchain's daily average gas fee — the flexible toll charged to conduct a transaction or execute a smart contract — is trending toward a two-month low after surging to expensive highs amid last month's memecoin trading frenzy.

According to on-chain data from The Block, the average transaction fee on Ethereum — using a seven-day moving average — has dropped to $7.34 from a high of over $20 last month. The last time fees were this low was April 17, when the metric hit $6.57.

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