Summary:
The average gas fee on the Ethereum network has decreased by one-third in the first week of June due to the decline of the memecoin frenzy and MEV bot activities.
The memecoin frenzy led to multiple new memecoins hitting the market, causing an unusual shift in the top 10 gas-burning altcoins.
Bitcoin Ordinals also gained significant popularity in May, with Pepecoin achieving a billion-dollar market capitalization.
Key Points:
– The average gas fee on Ethereum has decreased to $7.34, a one-third drop from last month’s high of $20.
– The memecoin frenzy caused an unusual shift in the top 10 gas-burning altcoins, with memecoins such as Troll, APED, and BOBO becoming the top 10 spenders.
– Bitcoin Ordinals gained significant popularity in May, with Pepecoin achieving a billion-dollar market capitalization.
– The number of Ordinal inscriptions on the Bitcoin blockchain surpassed 10 million by the end of May, with total fees paid for Ordinals inscriptions rising 700% to currently sit at 1,639 BTC.
– With the memecoin frenzy dying down, Ethereum gas fees have cooled, and Ordinals inscriptions have also decreased significantly.
