Ethereum Network Fees Surge Due To Memecoin Frenzy
In a shocking turn of events, the Ethereum network fees have skyrocketed in recent months. And what is to blame for this sudden surge? None other than memecoins! Yes, you heard that right – those ridiculous tokens with names like APED, BOBO, and PEPE have taken over the market and caused chaos on the blockchain.
According to a report by IntoTheBlock, speculative activity in the memecoin market has been one of the major factors behind these exorbitant fees. Who would’ve thought that investing in coins based on internet memes could have such consequences?
But it gets even more absurd. The impact of memecoins on Ethereum’s network activity was so significant that they actually displaced popular assets like ETH and USDT from their positions as top gas-burning altcoins. Can you believe it? Meme tokens taking over the world!
Bitcoin Joins the Fee Hike Party
Source: IntoTheBlock
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Quarterly Update:#Bitcoin transaction fees increased 4x compared to last quarter, marking the highest increase since Q2 2021. The surge is primarily driven by Ordinals-related activity.
Stay tuned, we’ll share more updates on this past quarter in the coming days. pic.twitter.com/sUuilxWBNN– IntoTheBlock (@intotheblock) June 30, 2023
But wait, there’s more! Bitcoin has also seen a surge in network fees during this time. And what could be causing it? Creating tokens via the BRC-20 standard. Yes, apparently people are so obsessed with creating their own tokens that they’re willing to pay exorbitant fees for it.
According to IntoTheBlock’s report, Bitcoin fees have increased by over 300% in the second quarter – the highest increase since Q2 of last year. It seems like everyone wants a piece of the token creation action!
ETH Supply Reached All-Time Low In May
ETHUSD tradingSponsored Product at $1,922 | Source: ETHUSD chart from TradingView
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As if the memecoin frenzy and skyrocketing fees weren’t enough, Ethereum also experienced a significant drop in its supply of Ether. In fact, it reached an all-time low in May.
According to IntoTheBlock’s analysis, the annualized net issuance rate of Ether dropped as low as 3.75% during this chaotic period. It seems like everyone was too busy investing in ridiculous meme tokens to pay attention to the actual cryptocurrency that powers them.
Conclusion
Source: Getty Images
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So there you have it – a quarter filled with absurdity and chaos in the Ethereum ecosystem. Memecoins taking over the market, Bitcoin fees reaching new heights, and Ether supply hitting rock bottom.
But hey, at least we got some laughs out of it! Who would’ve thought that internet memes could have such an impact on the world of cryptocurrencies?
This article is intended for satirical purposes only and should not be taken seriously.
