Fees on Ethereum Drop 80% as Meme Token Flow Cools Down

Ethereum gas fees soar to their highest level since 2022 following the memecoin surge in May. This is underpinned by the emergence of an altcoin themed “Pepe the frog,” or PEPE. However, this trend appears to have slowed amid waning interest in PEPE, despite turning many investors into millionaires over time. night

According to new data from online analytics firm IntoTheBlock, total Ethereum transaction fees have dropped by more than 16% for the week alone.

In addition, the transaction feereduce 80% over a month, from $27.62 on May 5th to $5.50 on June 4th, and the number is now near levels last seen in mid-April.

It seems that the popularity of meme tokens is starting to fade away. Pepe’s market capitalization has plummeted from $1.15 billion to $450 million over the past month. Plus, its price dropped by more than 60% during the same period.

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