Summary:
While the debate surrounding Ethereum’s high gas fees have been a major pain point, the latest spike comes amidst the PEPE memecoin hysteria that has put tremendous pressure on the network once again. Traders are paying thousands of dollars for a transaction as Ethereum’s gas fees surged above a one-year high. In the latest development, a trader ended up paying 64 ETH for a single transaction on May 8th. According to an update from the blockchain tracker, ‘Whale Alert,’ the user paid around 9,157 just to send 84 WETH. It is important to note that transaction fees on Ethereum have climbed much higher levels ranging between to in 2021. But the figures have been low since the market crashed in May 2022. The excitement surrounding PEPE can be attributed to the
Topics:
Chayanika Deka considers the following as important: AA News, PEPE
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While the debate surrounding Ethereum’s high gas fees have been a major pain point, the latest spike comes amidst the PEPE memecoin hysteria that has put tremendous pressure on the network once again. Traders are paying thousands of dollars for a transaction as Ethereum’s gas fees surged above a one-year high. In the latest development, a trader ended up paying 64 ETH for a single transaction on May 8th. According to an update from the blockchain tracker, ‘Whale Alert,’ the user paid around 9,157 just to send 84 WETH. It is important to note that transaction fees on Ethereum have climbed much higher levels ranging between to in 2021. But the figures have been low since the market crashed in May 2022. The excitement surrounding PEPE can be attributed to the
Topics:
Chayanika Deka considers the following as important: AA News, PEPE
This could be interesting, too:
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While the debate surrounding Ethereum’s high gas fees have been a major pain point, the latest spike comes amidst the PEPE memecoin hysteria that has put tremendous pressure on the network once again.
Traders are paying thousands of dollars for a transaction as Ethereum’s gas fees surged above a one-year high.
- In the latest development, a trader ended up paying 64 ETH for a single transaction on May 8th. According to an update from the blockchain tracker, ‘Whale Alert,’ the user paid around $119,157 just to send 84 WETH.
- It is important to note that transaction fees on Ethereum have climbed much higher levels ranging between $50 to $70 in 2021. But the figures have been low since the market crashed in May 2022.
- The excitement surrounding PEPE can be attributed to the revival in gas fees.
- As such, the average transaction fee surged to $27.62 on May 5, a level that was last seen almost a year ago. Since the memecoin’s launch on April 18th, average gas fees have increased by a whopping 115%.
- However, the mainnet isn’t the only network that has been hit by high gas fees. Layer 2s – which are designed to reduce transaction costs – were not spared as well as network demand shot up.
- Notably, zero-knowledge proof-based (ZK) rollups witnessed fees for swapping tokens surge between $2-$11 for solutions such as Polygon zkEVM, Starknet, and zkSync Era mainnet.