Meme coins have ballooned to new prices since the beginning of March, boosting blockchain activity in the process. This recent frenzy has seen Ethereum gas fees surging to two-year highs this week.
IntoTheBlock, a leading on-chain analytics provider, announced this new milestone in a recent post on social media platform X. Data from ITB indicates that Ethereum mainnet’s revenue from network fees reached $193 million this week, pushing the annualized rate to the highest point since early 2022.
Ethereum’s $190M+ in weekly fees puts it at an annualized rate of over $10B for the first time since early 2022.
Due to Ethereum’s fee-burn mechanism, this also has an impact on the supply, decreasing it by 33k ETH (~$125M) this week. pic.twitter.com/iAibEvzh4j
— IntoTheBlock (@intotheblock) March 8, 2024
Ethereum Gas Fee Surges Due To Meme Coin Activity
Recent market dynamics have seen crypto investors flocking to Ethereum-based meme coins like Shiba Inu, Pepe, and Floki.
We współpracy z: https://bitcoinist.com/meme-coin-madness-sends-ethereum-fees-soaring/
