How Ethereum [ETH] recorded huge hike in gas fees amid heightened meme trading
It is worth noting that increased activity on the Ethereum network can cause congestion and drive up fees.
Although memes are considered high-risk assets and subject to sudden spikes and drops, there were a bunch of them which exhibited incredible performances in the past week. Some of these recently emerged memes include PEPE, whose market cap hit 100x within a few days. ArbDogeAI’s [AIDOGE] valueThough most of these assets were currently experiencing a correction, they were instrumental to the rise of ETH circulation. At the time of writing, SantimentWhile the momentum cooled off, the hike meant that a lot of ETH was used in transactions in the last seven days. However, there has also been a decline in the average gas used.
Interestingly, Glassnode reported on 23 April that Ethereum’s average gas price reached a 10-month high. In a number of cases, ETH gas fees increase when there is a high demand for cryptocurrency. So, the price increased for the average user in order to avoid clogging.
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