Posted 3/8/2024, 9:09:00 PM
Ethereum Fees Skyrocket to Nearly 2-Year Highs Amid Meme Coin Frenzy
- Ethereum network revenue hit nearly 2-year high this week due to meme coin speculation frenzy
- Ethereum fees reached $193M, up 78% week-over-week, making network unusable for many
- Meme tokens like PEPE, SHIB, FLOKI doubled, driving retail speculation
- Ethereum supply decreased by 33,400 ETH worth $130M due to burning after the Merge
- Transaction costs on Ethereum mainnet and Layer 2s like Arbitrum spiked to highest levels since 2022
