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.
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
— 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
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