Amidst the PEPE memecoin craze, the issue of high gas fees on Ethereum continues to cause frustration for traders.
The surge in demand has led to gas fees reaching their highest level in over a year, with some paying thousands of dollars for a single transaction.
- On May 8th, Whale Alert reported that a user paid 64 ETH (equivalent to $119,157) to send 84 WETH in a single transaction.
- Although transaction fees have been high in 2021, they had been relatively low since the market crash in May 2022.
- The recent hype around PEPE has contributed to the surge in gas fees. Since its launch, average fees have increased by 115%.
- The high gas fees have also affected layer 2 networks, with fees for swapping tokens on zero-knowledge proof-based (ZK) rollups such as Polygon zkEVM and zkSync Era mainnet surging between $2-$11.