Meme Coin pushes Ethereum network fees to highest level in nearly 2 years

IntoTheBlock analysts note that increasing network activity is benefiting investors in the crypto market. Over the past few months, there has been a significant uptick in user engagement and transaction volume, indicating growing interest and adoption of cryptocurrencies. This surge in activity is driven by various factors, including increased institutional involvement, advancements in blockchain technology, and the emergence of decentralized finance (DeFi) platforms. As a result, investors have greater opportunities to capitalize on the market, with the potential for higher returns and diversification. Whether it's trading, staking, or participating in yield farming, the expanding network activity provides a fertile ground for investors to explore and profit from the dynamic crypto ecosystem. With IntoTheBlock's comprehensive data and insights, investors can make informed decisions and stay ahead of market trends, maximizing their chances of achieving success in the fast-paced crypto market.

By
Administrator
-
0
215

Analysts from IntoTheBlock note that increasing network activity is benefiting ETH investors.

Ethereum network revenue reached a two-year high this week as the meme coin frenzy fueled blockchain activity.

IntoTheBlock data shows that Ethereum network fees revenue hit $193 million this week, the highest figure since May 2022 and a 78% increase from the previous week.

IntoTheBlock analysts report that activity on the main chain is being driven by increasing speculative activity with meme tokens.

Ethereum-based meme tokens like pepe(PEPE), shiba inu(SHIB), and floki(FLOKI) have more than doubled in price over the past week.

Meanwhile, trading volume on decentralized exchanges (DEXs) built on Ethereum has risen 40% to $20 billion this week, according to DefiLlama data.

According to Ultrasound.money data, ETH supply decreased by around 33,400 ETH (approximately $130 million at current prices) and inflation decreased by 1.45% annually in the past week.

On the other hand, the high activity has made the blockchain very expensive for users. IntoTheBlock notes that the average transaction cost (gas fee) on Ethereum has risen to $28 this week, making it “unusable” for many users.

RELATED ARTICLESMORE FROM AUTHOR