Crypto Trader Paid 64 ETH Fees to Buy Shitcoins

The hysteria around PEPE and other memcoins once again put a lot of pressure on the network. A trader spent 64 ETH in gas fees to buy Four (FOUR) shitcoins worth 84 Wrapped Ether (WETH).

💸 A fee of 64 #ETH (119,121 USD) has just been paid for a single transaction!https://t.co/3w4UD0AZbw

— Whale Alert (@whale_alert) May 8, 2023

An investor needed coins urgently to complete a deal on Unsiwap. Apparently, he voluntarily raised the gas fee in order to reduce the transaction time.

Such a case again raises the debate around the high gas fees on the Ethereum network. Some analysts believe that high gas in the long term will put deflationary pressure on Ethereum and lead to the growth of the second most important cryptocurrency.

Other traders are confident that if the network does not become available, it will never be widely adopted.

Tier 2 networks promised to solve the problems of high commissions. But as it turned out, they also did not stand aside amid a surge of activity.

Arbitrum One, an Ethereum layer 2 network, just did more daily fee revenue than Bitcoin.

Not to mention that Ethereum itself did more than 28x the fee revenue of Bitcoin in the same time period. pic.twitter.com/plLEzdynNB

— sassal.eth 🦇🔊 (@sassal0x) April 20, 2023

Gas fees have started to increase with the hype around the PEPE token. So, since the launch in April on Uniswap, traders have made more than 410,000 transactions with this meme token. And the transactions themselves burned a total of about 5,300 ETH in gas fees.

I downloaded 413,283 PEPE Uniswap transactions from @DuneAnalytics

PEPE traders have burned ~5,300 ETH ($10M) in gas over the past 3 weeks 🤯

1/🧵 pic.twitter.com/9lZxGGjtT5

— Alex (@thiccythot_) May 5, 2023

Meanwhile, a major investor lost $540,000 as a result of the “drawdown” of the PEPE rate.