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Meme coins have ballooned to new prices since the beginning of March, boosting blockchain activity in the process. This recent frenzy has seen Ethereum gas fees surging to two-year highs this week. 
IntoTheBlock, a leading on-chain analytics provider, announced this new milestone in a recent post on social media platform X. Data from ITB indicates that Ethereum mainnet’s revenue from network fees reached $193 million this week, pushing the annualized rate to the highest point since early 2022.&nbsp; 
<blockquote class="twitter-tweet"> 
 Ethereum’s $190M+ in weekly fees puts it at an annualized rate of over $10B for the first time since early 2022. Due to Ethereum’s fee-burn mechanism, this also has an impact on the supply, decreasing it by 33k ETH (~$125M) this week. <a href="https://t.co/iAibEvzh4j" rel="nofollow" target="_blank">pic.twitter.com/iAibEvzh4j</a> 
 — IntoTheBlock (@intotheblock) <a href="https://twitter.com/intotheblock/status/1766177491096342537?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">March 8, 2024</a>
</blockquote> 
<h2 id="b-ethereum-gas-fee-surges-due-to-meme-coin-activity-b">Ethereum Gas Fee Surges Due To Meme Coin Activity</h2> 
Recent market dynamics have seen crypto investors flocking to Ethereum-based meme coins like Shiba Inu, Pepe, and Floki. <a href="https://x.com/intotheblock/status/1766132914796851588?s=20" target="_blank" rel="noopener nofollow">According to ITB data</a>, PEPE has performed the best in the recent meme coin rally, leading with more than a 600% return in February. 
PEPE’s gain has been brought forward into the new month, and the crypto is now up by 800% in a 30-day time frame. <a href="https://www.newsbtc.com/news/floki-skyrockets-to-new-all-time-high-soaring-60-following-two-major-listings/" target="_blank" rel="noopener nofollow">Floki is also up</a> by 800% in the same time frame. 
<a href="https://www.newsbtc.com/shiba-inu/shiba-inu-shib-0-0008-ath/" target="_blank" rel="noopener nofollow">Shiba Inu</a> is currently up by 275% in the past 30 days, reaching as high as $0.00004456 on March 5. This surge in the price of Shiba Inu was mostly fueled by a 2,000% surge in new addresses from the February average, peaking at 21,000 new addresses on March 5. 
Now, Shiba Inu is less than $4 billion behind <a href="https://www.newsbtc.com/dogecoin-2/dogecoin-hit-1-history-repeats-analyst-when/" target="_blank" rel="noopener nofollow">Dogecoin </a>in market cap and is on the <a href="https://bitcoinist.com/shiba-inu-dogecoin-shib-excitement/" target="_blank" rel="noopener ">verge of challenging Dogecoin</a> as the biggest meme coin. 
The heightened activity on meme coin has benefited a lot of Ether traders, as they have drawn more traders to decentralized exchanges (DEXs) on Ethereum, where trading volumes have seen a 40% increase over the week to $20.74 billion, according to <a href="https://defillama.com/dexs/chains/ethereum" target="_blank" rel="noopener nofollow">data from DeFiLlama</a>.&nbsp; 
The price of gas fees has also surged in tandem. According to ITB, average gas fees on the blockchain rose to as high as $28 this week. Interestingly, the total money spent on gas fees daily reached $38.02 million on March 5, the highest recorded since May 2023.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/t9AIOXbT/" width="1835" height="883"> 
<h2 id="b-ether-to-keep-benefiting-from-meme-coin-activity-b">Ether To Keep Benefiting From Meme Coin Activity</h2> 
The total gas fee spent on the Ethereum network is now at an annualized rate of $10 billion. The last time gas fees reached this high was before the crypto market crash in the middle of 2022. 
This heightened activity allowed Ethereum to <a href="https://bitcoinist.com/ethereum-eth-breaks-two-year-price-record/" target="_blank" rel="noopener ">register a new milestone</a> over the $4,000 price level for the first time in two years.&nbsp;&nbsp; 
Over the past week, Ethereum’s total supply has shrunk due to Ether’s fee-burning scheme, as 33,000 ETH worth over $125 million were taken out of circulation. Ethereum now has a clear path in <a href="https://www.newsbtc.com/breaking-news-ticker/breaking-bitcoin-hits-new-all-time-high-surging-past-70000-for-the-first-time-in-history/" target="_blank" rel="noopener nofollow">following Bitcoin’s footsteps</a> and register a <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-rally-4k/" target="_blank" rel="noopener nofollow">new all-time high</a> in the coming weeks.&nbsp; 
Featured image from Pixabay, chart from TradingView

Meme Coin Madness Sends Ethereum Fees To 2-Year Highs

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