Ethereum’s transaction fee has soared to an all-time high, thanks to the ongoing craze around meme coins. The high gas charge has resulted in Ethereum’s daily earnings surpassing that of Bitcoin. While supporters of Ethereum are pleased with the increase in revenue, others have expressed concerns about the network’s congestion and the difficulty in executing transactions.
According to independent Ethereum educator, Anthony Sassano, Ethereum has pulled in 28 times the revenue of Bitcoin. Ethereum layer-2 platforms, such as Arbitrum One, have also outperformed Bitcoin in terms of revenue per day, thanks to the meme craze. However, the meme coins burning the most gas are TROLL, APED, and BOBO, not Ether, Wrapped Ether, or Tether.
Many have questioned the fundamental value of meme coins, which have no underlying asset or intrinsic value. Still, their popularity has skyrocketed overnight, with some tokens surging over 10,000%. Despite this, some customers have complained about having to pay high gas fees, which have risen by 34.74% from April 18 and 84.46% from April 19, 2022.
The rising gas prices have been attributed to a trading bot, jaredfromsubway.eth, which has been leading large meme coin trades. The bot has spent the most gas in the last 24 hours, consuming 7% of the network’s total gas. It has spent over 455 ETH ($950,000) in gas fees and processed over 180,000 transactions in the past two months alone.
Many have criticized Ethereum’s rising gas charges, arguing that it only benefits a few thousand individuals betting on meme coins. Furthermore, the network’s congestion and high transaction fees have made it challenging for others to execute transactions. Some customers have even spent hundreds of dollars on gas fees, which has led to concerns about the network’s scalability.
It also highlights the need for more scalable and efficient blockchain technologies to support the increasing demand for cryptocurrencies. As Ethereum continues to grapple with congestion and high gas fees, it remains to be seen how it will address these challenges and maintain its position as the second-largest blockchain network.