One trader recently spent 64 Ether, which is equivalent to $118,000 in GAS, to buy a $155,000 meme called Four (FOUR).
According to an update from ‘Whale Alert’, someone paid $119,157 in Ether (ETH) on Unsiwap to swap 84 Wrapped Ether (WETH) for 13.8 BILLION FOUR.
Such traders voluntarily pay this expensive fee. to speed up the transaction time to buy memecoin followAccording to Twitter user @FlurETH, he made an unrealized profit of 133 ETH ($245,667) investing in the memecoin.
fam i’ll explain what happened in your screenshot so nft influencers aren’t made fun of later like bitboy is now
a sniper paid 64 eth in tx fees to speed up his transaction and be the second buy on $four
13.7 billion $four is now worth 281e
281 – (64 +84) = 133 eth profit
pic.twitter.com/9hbp8JTQYd
— Flur (@FlurETH) May 8, 2023
One of the main drivers behind the rise in gas fees on Ethereum comes from the recent meme coin craze, driven in large part by the frantic purchase of a new memecoin called Pepe (PEPE), which at the time published Ethereum transaction fees averaged $22.98, the highest level recorded since May 12, 2022, when average fees reached $31.11.
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