Network gas fees on Ethereum jumped to multi-month highs as memecoins continue to rocket, in-turn boosting Ethereum’s daily revenue quite significantly when compared to Bitcoin.

Ethereum proponents were delighted by the growth in revenue, while others have highlighted the difficulties faced in processing transactions amid growing congestion on the platform which memecoins call home.

Santiment reveals that there was a “highly unusual shift in top 10 gas burning altcoins”. With the likes of ETH, WETH and USDT typically securing the top three, new assets such as TROLL, APED and BOBO were among the top 10 leaders in gas fees.

One gwei represents one billionth of one Ether (ETH) token, and the average gas price for Ethereum transactions were 81.94 gwei on April 20, which is up 60.82 gwei recorded on April 19 and 44.42 gwei last year.

Memecoins continue to take the crypto world by storm, capturing the interest of crypto fanatics especially of the younger generation, despite many ending up being fraudulent which scam hundreds of investors for their money via rug pulls and other methods.

Sources:

https://cointelegraph.com/news/ethereum-gas-fee-jumped-due-to-meme-coin-frenzy-with-mixed-comments-on-network-usability

https://twitter.com/santimentfeed/status/1648799439589605376