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 BTC
1.47%
 ETH
-0.54%
 USDT
-0.05%
 BNB
8.65%
 SOL
-2.60%
 XRP
-2.07%
 USDC
0.00%
 ADA
-2.72%
 DOGE
1.17%
 SHIB
-4.69%
Home > News
Published: 10/03/2024
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Author: Kane
In One Month, $600M Gas Fees on Ethereum Burned
The recent surge in memecoin trading activity has led to continuously increasing transaction fees on Ethereum in recent times.

Gas transaction fees on Ethereum have surged to their highest level in over two years, coinciding with a resurgence in network activity driven by the rise in ETH prices, particularly fueled by the trading frenzy of memecoins.
This week, revenue from gas fees on the Ethereum blockchain reached $193 million, hitting a peak since May 2022 – the time of the LUNA/UST crash – and rising by 78% compared to the previous week.
Gas Ethereum
On average, gas fees on Ethereum have ranged from $40 to $60 for a token transfer/swap transaction, marking the highest level since May 2023, posing challenges for users.
The main driver behind this phenomenon is the trading activity of memecoins. Since the beginning of March, a significant number of cryptocurrency investors have shifted capital into memecoins such as Shiba Inu (SHIB), Floki Inu (FLOKI), and Pepe (PEPE), resulting in doubling the prices of these tokens in a short period.
