Ethereum (ETH) Total Fees Fall 16% as Meme Token Mania Recedes

On-chain analytics company Santiment made a similar observation, noting a reduction in Ethereum's average fees. It reports that Ethereum fees have come back down to earth after reaching a 2023 high of $14 per ETH transaction in early May.PEPE, the frog-themed meme coin, burst into the spotlight in May. PEPE heralded a new meme coin frenzy as its market capitalization quickly surpassed the $500 million mark within three weeks of launch.

Since PEPE is an ERC-20 token that uses the Ethereum blockchain, the impact was felt on the ETH network. The growth of the PEPE meme coin, which led to significant trading activity, was one of the main drivers behind the sudden increase in Ethereum gas fees to their highest level in more than a year. On May 4, the average cost of a single Ethereum transaction increased above $15.82.

According to Santiment, Ethereum fees have now dropped over 69% from their peak as meme token mania receded. PEPE is currently down 71% from its May 5 all-time high of $0.000004354 and now trades at $0.000001259.

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