Ethereum Gas Fees Hit Record Levels Amid PEPE Meme Coin Hype; Flips SHIB, DOGE
The high gas fee is making transactions costly for users, while also pushing up prices amid demand for meme coins such as PEPE. advertisement Ethereum Gas Fees Reaches Yearly High According to data by Etherscan, the average gas prices reached 94 gwei and even hit a high of 184 gwei on May 5. The massive jump in Ethereum gas fees is due to the increase in demand for meme coins on the Ethereum network, making transaction costs higher. The hype surrounding PEPE meme coin and profits made by investors by trading in the meme coin is causing most people to swap their crypto including other meme coins to PEPE through Uniswap. The average transaction cost on Uniswap has jumped to $32.60. As per data, transactions on Uniswap alone have burned over 15,000 ETH in the last 7 days. Uniswap currently accounts for 35% of gas fees, becoming the top “Gas Guzzler” in the last few days. Trending Stories Bitcoin Price Predicti...