Memecoins Pepe and Wojak are gaining momentum. Also, worries about the Ethereum blockchain have soared due to the higher transaction activity.
- The Ethereum network’s daily transaction fee spiked to about 87 gwei, the highest since May 2022.
- Today, PEPE and WOJAK are setting new all-time high records.
Ethereum (ETH) transaction fees have again hit highs since May 2022. A spike in transactions on the Ethereum blockchain also involving meme-based tokens such as Pepe (PEPE) and Wojak (WOJAK) has driven up traffic on the network, pushing the average fee rate to the highest in nearly one year while showering “Stakers” of the cryptocurrency with extra revenue.
According to Dune Analytics, the Ethereum network’s daily median average transaction fee spiked to about 87 gwei on Tuesday, the highest since May 2022. For comparison, the rate so far this year has fluctuated between roughly 82% year to date.
Ethereum is the Memecoins Playground?
A new Ethereum-based frog-themed token, PEPE, has seen a rapid rise in market capitalization, with WOJAK following in its footsteps. Also, both crypto tokens attracted investors with massive returns and an unprecedented price rally.
Today, the Pepe token market cap reached over $859 million before dropping once more to under $400 million. Also, the 24-hour trading volume for this memecoin surged more than 216% over the night to reach $784 million.
Additionally, every day, PEPE and WOJAK are setting new records. As Pepe reached a new all-time high today of $0.000002322 while Wojak hit $0.001084, as per CoinMarketCap.
At the time of writing, the Pepe token traded at $0.000002103 with a 24-hour trading volume of $800 million, which climbed about 221%. The meme token is up around 58% compared to the top cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).
Wojak traded at $0.0009161 with a 24-hour trading volume of $118 million. This memecoin has soared 47% higher than BTC and ETH.
This week, the memecoin witnessed a massive price surge and huge transactions. However, this increase in activity raises questions about the network’s scalability and the effect of rising fees on users, even though it may indicate a growing interest in the cryptocurrency market.
On the other hand, concerns have been expressed about how this development will affect the use of the Ethereum network and its native cryptocurrency, ETH.