- Ethereum gas fees have hit record highs in the past few weeks.
- Meme coin mania led by PEPE has been the main culprit for high gas fees.
- The community joked about being priced out of Ethereum.
Just a few weeks ago the crypto industry seemed to be dead with little onchain activity compared to the bull market of 2020/2021.
However, the recent meme coin mania that seemingly came out of nowhere changed the status quo: Crypto activity picked up, especially on Ethereum where gas fees increased to record levels.
Ethereum Hits Record Gas Fees Amid PEPE Mania
The Ethereum blockchain has become unusable, at least to the majority of people trying to use it. The gas fees have gotten so high during the ongoing meme coin PEPE mania that some users have become priced out.
Over the past few weeks, amid the PEPE hysteria, the average Ethereum gas price went to levels not seen since May 2022. Since PEPE launched on…
