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How memecoins affected Ethereum’s gas prices

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The decline in Ethereum gas usage and fees, driven by memecoins and MEV bots, is benefiting NFT trades and impacting ETH holders.

, Ethereum’s daily average gas reached its lowest point in the past two months. As of 3 June, the average gas stood at 24gwei, with the press time gas at 17gwei.The decrease in gas fees may be attributed to the recent hype surrounding memecoins, which has increased activity on the network. The utilization of Miner Extractable Value bots could have further contributed to the decline as well.

MEV bots are automated systems that leverage transaction sequencing to exploit profitable opportunities in the Ethereum network. The prevalence of these bots can impact gas fees by optimizing transaction execution, potentially reducing costs for users.There was consistent gas usage in the Ethereum protocol, facilitated by low gas fees. Moreover, the number of NFT trades on the Ethereum network rose alongside.indicated that over the past week, the volume of these NFTs increased by 29.

Meanwhile, Ethereum’s native cryptocurrency, ETH, was trading at $1,873 at press time. The coin’s MVRV ratio increased over the last month, suggesting that the profitability of addresses holding ETH is relatively high. This could incentivize these address holders to sell and secure profits, potentially impacting the price of ETH in the near future.

 

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