As reported by Cointelegraph, the average gas and transaction fees of the Ethereum network went down in the first quarter of June 2023, after it was high in May 2023. It is expected that the price came down due to the popularity of memecoin and maximal extractable value (MEV) bot activities.
Sources revealed that the average gas fees came down to about $7.34, which is about a one-third decrease in comparison with last month’s rate of $20, stated Cointelegraph.
“ A highly unusual shift in top 10 gas-burning #altcoins has emerged today. Instead of $ETH, $WETH, and $USDT being at the top of the fee distribution list, we’re seeing new assets like $TROLL, $APED, and $BOBO among them,” Santiment, a crypto analytics platform, tweeted.
Furthermore, another reason behind the increase of the Ethereum gas fees was the rising popularity of memecoins on the decentralised platforms, as popular centralised exchanges took quite a time to list them, Cointelegraph concluded.
(With insights from Cointelegraph)
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