Gas costs rose, pushing the average Ethereum transaction fee above $15.
The chart below shows that such levels were observed as far back as May 2022.
In this case lies in the hype around Ordinals and the associated experimental standard of tokens BRC-20, introduced in early March.
On May 3, the total daily volume of fees paid to miners exceeded $3.5 million.
A Dragonfly Researcher, going by the pseudonym Hildobby, in a discussion with The Block expressed confidence that the current Ethereum-fees situation is largely tied to hype around meme tokens. The latter affect the Ethereum network because they are traded mainly on DEX, implying on-chain operations.
As reported, the PEPE token last month surged dozens of times, turning some holders of the coin into millionaires.
As of writing, the asset is on CoinGecko’s 70th place, surpassing the utility tokens of Optimism and MakerDAO. PEPE’s market capitalization is nearly $700 million.