This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Ethereum Fees Surge Amid Meme Coin Mania
Recent data from the on-chain analytics platform IntoTheBlock has revealed a significant surge in weekly fees on the Ethereum blockchain. The total amount of fees collected on Ethereum has increased by a staggering 78%, driven by a surge in meme coin trading and speculation around meme cryptocurrencies.
Causes of Ethereum Fee Surge
Ethereum fees have skyrocketed due to congestion on the blockchain, as a result of a high volume of transactions waiting to be verified. This congestion leads miners to prioritize transactions offering higher gas fees, causing fees to rise dramatically. The surge in fees has been particularly attributed to the popularity of meme coin trading and speculation surrounding meme cryptocurrencies.
FLOKI Overtakes DOGE, SHIB, and PEPE
Among the most popular meme cryptocurrencies are Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Floki (FLOKI). Notably, Floki has surpassed DOGE, SHIB, and PEPE on Stockwits, the world’s largest social network for investors, becoming the most popular asset. This surge in popularity has even seen Floki surpass stocks of major companies such as Nvidia and Tesla.
PulseChain/X Acquires 163,295 ETH
On-chain data has revealed that the Uniswap fork PulseChain/X recently acquired an impressive 15,003 ETH at approximately $3,932 per coin, paying 59 million DAI stablecoins for the ETH chunk. This acquisition is part of a larger trend, as PulseChain/X has purchased a staggering 163,295 ETH worth almost $621 million over the past four days. As a result, the platform is now sitting on an unrealized profit of $24.3 million in fiat.
Conclusion
As Ethereum fees continue to surge amidst meme coin mania, the blockchain faces congestion due to a high volume of transactions waiting to be verified. This surge in fees has been largely attributed to the popularity of meme coin trading and speculation surrounding meme cryptocurrencies. Additionally, the rise of Floki as a popular meme cryptocurrency and the significant acquisition of ETH by PulseChain/X further highlight the ongoing trends and developments within the cryptocurrency market.
📎 Read the original article on u.today
