Ethereum Network’s Gas Fees Skyrocket Amid Memecoin Frenzy

The Ethereum network has been experiencing a surge in gas fees due to the ongoing memecoin frenzy. As a result, the network’s daily revenue has skyrocketed and has even surpassed that of Bitcoin. However, while some Ethereum proponents celebrate the growing revenue, many others are concerned about the network’s growing congestion and the difficulty in processing transactions.

According to recent reports, there has been an unusual shift in the top 10 gas-burning altcoins. Instead of the usual suspects like ETH, WETH, and USDT, memecoins such as TROLL, APED, and BOBO have become the top 10 spenders. The average gas price for Ethereum transactions as of April 20 was 81.94 gwei, which is a significant increase from 60.82 gwei on April 19 and 44.42 gwei last year.

Independent Ethereum educator Anthony Sassano noted the surge in daily fee revenue of the Ethereum network and pointed out that the network had brought in 28 times the revenue of Bitcoin. He also mentioned Ethereum layer-2 platforms like Arbitrum One that have outperformed the BTC network in terms of daily revenue due to the ongoing meme frenzy.

Ethereum proponents argue that the high gas fee and subsequent higher revenue highlight the network’s growing usability. However, many on Crypto Twitter were quick to point out that the extensive usage they are referring to is just a few thousand users gambling on memecoins. Some users have even paid gas fees as high as a few hundred dollars, while others complained about having to pay a higher gas fee than the actual transaction.

The soaring gas fees were also blamed on a Maximal Extractable Value (MEV) trading bot that is front-running memecoin trades on a massive scale. The bot in question, jaredfromsubway.eth, has been the top gas spender in the last 24 hours, spending 455 ETH ($950,000) and using 7% of the total gas of the network. In the last two months, it has spent more than 3,720 ETH ($7 million) in gas fees and performed more than 180,000 transactions. The Subway-themed bot is using the sandwich trading technique to pocket millions of dollars while congesting the network at the same time.

This situation highlights the need for Ethereum to address its scalability issues and find a long-term solution to address the increasing demand for memecoin trading. The current frenzy may be beneficial for short-term revenue, but it is also causing significant congestion and higher fees for users. The Ethereum network needs to find a balance between profitability and usability to ensure the long-term sustainability of the network.

In conclusion, the growing memecoin frenzy has caused Ethereum’s gas fees to skyrocket and has resulted in a surge of revenue for the network. However, it has also highlighted the growing congestion and difficulty in processing transactions. The Ethereum network needs to find a long-term solution to address its scalability issues and find a balance between profitability and usability to ensure its long-term sustainability.


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KingTiger Casino Temporarily Shuts Down Due To Ethereum Network Congestion

KingTiger Casino recently went out of operation due to Ethereum congestion issues. The online casino announced that they wouldn’t be operating until they get a suitable solution for their users.

On their website, the company gave the reason for shut-down due to congestion on the Ehereum network. According to them, it has become impossible to run their games on the network with their current format.

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For now, KingTiger Casion is searching for a better solution to accommodate their new games and advanced features. Presently the casino services are not working, but users are still able to access their wallets.

Funfair Technologies, the owner of KingTiger, also allows users who wish to create new accounts to do it. Also, KingTiger Casino has assured non-custodial wallet users that they can still control their assets. They assured these users that they could keep their funds in their personal wallets until they want or move them to an ERC-20 address.

A Brief On Funfair And KingTiger

KingTiger was using the FUN token to operate. This is not surprising since the parent company, Funfair technologies, is behind the FUN token based on smart contracts. Funfair technology is a gaming platform using Ethereum smart contracts to execute transactions.

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The platform is decentralized and was launched in 2017. The company is yet to make further statements concerning this temporary shutdown of its casino.

Ethereum Hard Fork To Provide Alternative To These Problems

One of the reasons that made the recent London hard fork commendable is that it aims at solving the Ethereum network issues. Before now, there were unsteady transaction fees and a lack of scalability.

Also, the network was becoming too congested following the rise of DeFi and NFTs on the network. But with this upgrade, the community is hoping to see a solution to the scalability issues.

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With the hard fork, there is now an additional 800 deflationary blocks formed following the excessive burning of ETH that surpassed mining rewards. As a result, this mechanism automatically decreased Ethereum supply temporarily.

KingTiger Casino Temporarily Shuts Down Due To Ethereum Congestion

KingTiger Casino Temporarily Shuts Down Due To Ethereum Congestion

At the time of writing, ETH targets to cross the $4k mark following Bitcoin's growth | Source: ETHUSD on

After the upgrade, the price of Ethereum went as high as $2,000 and later broke the $3000 level. However, as of now, the transaction fees on the Ethereum network are still high. Before the upgrade in July, the transaction was as low as $4 but has now added $16. But even at its level, it is still lower than the $33 which Uniswap charges on its network.

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