- The Ethereum network has undergone a remarkable drop in gas fees.
- Memecoin frenzy and MEV bot activities have propelled Ethereum to unprecedented heights.
- Established tokens have been replaced by memecoins in the top 10 gas-burning altcoins.
In recent weeks, the Ethereum network has witnessed a captivating transformation. After reaching unprecedented heights driven by the memecoin frenzy and maximal extractable value (MEV) bot activities, a cooling effect has finally descended upon gas fees on the Ethereum network.
This significant drop in fees comes as a relief to users who have grappled with soaring transaction costs. But what exactly caused this sudden change?
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