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 is the Memecoins Playground?
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.