2-Year Record Broken in Ethereum with Meme Coin Craze! - Coin Newsletter

The meme coin craze in recent weeks has brought the Ethereum network a record of the last 2 years.

According to data from on-chain analytics platform IntoTheBlock, the increasing interest in meme coins has brought transaction fees on the Ethereum network to a 2-year record. Data shows that transaction fee revenue from the Ethereum network reached $193 million this week.

Transaction fee revenue increased by 78% compared to the previous week, with investors trading volume through protocols such as Uniswao to trade popular meme coins or find new meme coin opportunities.

Analysts stated that this situation helped to burn more Ethereum and make positive progress in terms of supply, while on the other hand, it was emphasized that increased activity brought with it very high transaction fees.

Additionally, according to data from DefiLlama, trading volume on decentralized exchanges (DEXs) running on Ethereum increased by 40% to $20 billion this week.

Next week, the Dencun upgrade will take place on Ethereum, and transaction fees on layer 2 (L2)** networks will drop drastically. With this upgrade, investors are expected to turn more to layer 2 networks and reduce the density on the Ethereum mainnet.