Ethereum Fees Hit 2-Year High, Here's Major Driver

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Weekly fees on Ethereum reached their highest since May 2022, with meme token speculation being one of the key driversbegin to skyrocket, and over the past few years this has been largely down to meme coin trading and the high level of speculation around meme cryptocurrencies. Currently, ETH fees total roughly 28 gwei. The last time fees this high were noticed on May 12, 2022, and in May 2023, the fees also went to approximately the same level. On May 5, 2022, Ethereum gas fees surged to as high as a mind-blowing 196.6 gwei, according to Bitinfocharts.

Among the most popular meme cryptocurrencies are Dogecoin , Shiba Inu , Pepe and Floki . According to the official Floki account on the X social media platform, FLOKI has outpaced DOGE, SHIB and PEPE on the world’s largest social network for investors, Stockwits, and became the most popular asset. FLOKI here has even surpassed stocks of major companies, such as Nvidia and Tesla.

This was not the first lump of Ethereum acquired by this blockchain platform over the past four days. In total, it has bought a staggering 163,295 ETH worth almost $621 million. PulseChain/X is now sitting on an unrealized profit of $24.3 million in fiat.At the time of this writing, the second largest cryptocurrency by market capitalization value, Ethereum, is changing hands at $3,948 per coin. Since Tuesday this week, Ethereum has staged a massive 18.66% increase.

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