Ethereum (ETH) total fees fall 16% amid declining interest in meme tokens ETH $ETH
On-chain analytics company Santiment made a similar observation, noting a reduction in Ethereum's average fees. It reports that Ethereum fees have come back down to earth after reaching a 2023 high of $14 per ETH transaction in early May.PEPE, the frog-themed meme coin, burst into the spotlight in May. PEPE heralded a new meme coin frenzy as its market capitalization quickly surpassed the $500 million mark within three weeks of launch.
Since PEPE is an ERC-20 token that uses the Ethereum blockchain, the impact was felt on the ETH network. The growth of the PEPE meme coin, which led to significant trading activity, was one of the main drivers behind the sudden increase in Ethereum gas fees to their highest level in more than a year. On May 4, the average cost of a single Ethereum transaction increased above $15.82.
According to Santiment, Ethereum fees have now dropped over 69% from their peak as meme token mania receded. PEPE is currently down 71% from its May 5 all-time high of $0.000004354 and now trades at $0.000001259.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum's Epic Achievement: Non-Zero ETH Addresses Surpass 100 MillionEthereum surpasses 100 million non-zero addresses mark, surpassing Bitcoin $BTC by more than two times ethereum eth ether cryptocurrencies $eth
Read more »
Ethereum (ETH) Fees Plunge 69% as This Metric Drops to All-Time LowsEthereum (ETH) transaction fees drastically fall 69%, here's positive impact ETH $ETH
Read more »
USDC Stablecoin Launches Natively on Arbitrum (ARB)Second largest stablecoin rolls up its native version on dominant Ethereum (ETH) scaler
Read more »
Bankruptcy Claims Exchange OPNX Issues New Governance Token, FLEX Rises 16%Bankruptcy claims exchange OPNX has released $OX, governance token that is designed to reduce trading fees. $FLEX holders can convert their tokens for OX at a ratio of 1:100. By oknightcrypto.
Read more »
Celebrate Pride Month in Philly with these 16 eventsWhile the Philly Pride march and festival in Gayborhood on June 4 is all the buzz, it’s not the only party in the city decked out in rainbows.
Read more »
16-year-old boy found dead with multiple gunshot wounds behind abandoned middle schoolA 16-year-old boy was found with multiple gunshot wounds behind the abandoned Audubon School in Cleveland Tuesday night.
Read more »