According to a recent tweet from the on-chain statistics agency IntoTheBlock, Ethereum fees have increased by an astounding 83% this quarter. In this context, “fees” refers to the sum of money users pay to carry out a transaction or a smart contract on the ETH network. They came to an astounding $829 million in May.
Meme token speculation was identified by the IntoTheBlock team as one of the main causes of high Ethereum costs in May.
Shiba Inu and Dogecoin are two of the most widely used meme currencies. Pepe Coin (PEPE), however, a useless cryptocurrency created by an unknown team, first appeared in April. Pepe was motivated by the Pepe the Frog internet meme, as opposed to canine tokens like DOGE, SHIB, and FLOKI.
PEPE successfully obtained several listings on significant exchanges, like as Binance, which included it to its Innovation Zone together with Floki. Pepe is a traditional ERC20 token, which means that, like many other small-cap meme currencies, it was introduced on the Ethereum network. Their trading volumes were strong in May, notably PEPE’s, which managed to outperform SHIB (another Ethereum-based coin) and DOGE. As a result, there were a lot of ETH fees charged.
However, as reported by U.Today, in June, Ethereum fees decreased by 16.5% and totaled $59 million in cash equivalent.
PEPE started to increase a week ago and soon increased by 61% as the crypto market started to recover from a decline that came before the current surge.
