Ethereum’s gas price, the highest level in 12 months ──Pepecoin soaring is the driving force | coindesk JAPAN | Coindesk Japan

The price of gas (transaction fee) on the Ethereum blockchain is rising as the frog-motif meme coin “Pepecoin (PEPE)” is booming.

Median gas prices hit a 12-month high of 87gwei earlier this week. 1 gwei is one billionth of 1 Ethereum (ETH). Gas prices have risen more than 50% since Pepecoin launched on April 18, according to data compiled by anonymous analyst @hildobby using Dune Analytics. At one point on the 1st, it exceeded 150gwei.

@hildobby, Dune Analytics

According to CoinMetrics, the rise reflects strong demand for the Ethereum network, mostly from memetic coin traders.

As Bitcoin (BTC) “creates a new memecoin scene, the Ethereum ecosystem continues to spawn millions of dollars worth of altcoins,” CoinMetrics wrote in a report Monday, April 4.

“Massive ERC-20 Token Pepecoin (Most Memecoin Right Now) Soars Over 300% Over the Weekend to a Diluted Market Cap of Nearly $600 Million” (Report)

The Pepecoin boom has made Uniswap’s Pepecoin/Wrapped Ethereum (PEPE-WETH) liquidity pool the most active liquidity pool by trading volume.

Pepecoin traders have made more than 410,000 trades on Uniswap, with gas bills totaling about $10 million over the past three weeks, according to a tweet by Scimitar Capital’s Alex.

I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics

PEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks

1/pic.twitter.com/9lZxGGjtT5

— Alex (@thiccythot_) May 5, 2023

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Image: Pepecoin with a frog motif (from Pepecoin’s Twitter)
｜Original: Ethereum Gas Fee Surges to 12-Month High as PEPE Frenzy Grips Market