The average transaction fee or gas fee on the Ethereum network has cooled substantially in the first week of June after reaching a multi-month high in May, owing to the meme coin frenzy and many MEV Bot activities.
The average gas fee on Ethereum has come down to $7.34, almost one-third from last month's high of $20. In terms of Gwei, a denomination of Ether that represents one-billionth of one ETH, the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last month, according to data from Dune Analytics.The meme coin frenzy started in late April and took center stage in May leading to multiple new memecoins hitting the markets such as Aped, Bobo and a few others.
May was not just about the Ethereum memecoin frenzy; Bitcoin Ordinals also gained significant popularity. As a result, the Bitcoin network registered many new memecoins, with Pepe ($PEPE) achieving a billion-dollar market capitalization.
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