High transaction fees have increased Ethereum's daily revenue by many times that of Bitcoin. While Ethereum advocates are excited about the growth in revenue, many others complain and point to growing congestion on the network leading to difficulties in processing transactions.
According to data from the On-chain analytics platform Santiment, there was an anomaly in the top 10 gas-burning altcoins on the Ethereum network in the past days, as memecoins such as TROLL, APED, and BOBO were among the 10 projects. burn the most ETH.
The average gas price for Ethereum transactions as of April 20 was 81.94 gwei, up from 60.82 gwei on April 19.
Another prominent reason for the spike in gas fees is attributed to the MEV trading bot that performed memecoin transactions on a large scale. The bot in question jaredfromsubway.eth was the biggest gas user in the last 24 hours, having spent 455 ETH ($950000) and using 7% of the network's total gas.
Over the past two months, it has spent over 3720 ETH ($7 million) in gas fees and executed over 180,000 transactions.
The meme coin craze is becoming hotter than ever on Ethereum when in the past few days, many projects have had very strong growth. Typically, AIDOGE on Arbitrum or Pepe on Ethereum has increased several hundred times in just 2 years. -3 days of release.