A trader just spent a whopping $155,000 worth of memecoin called Four (FOUR) for a staggering 64 ETH the equivalent of $118,000 in gas fees.
The lone trader paid a staggering $119,157 in ether, according to the latest news from popular blockchain tracking service Whale Alert, Complete the Uniswap transaction, exchanging 84 Wrapped Ether (WETH) for 13.8 billion 4 tokens. Traders appear to have voluntarily in increased gas fees to speed up transaction times for memecoin purchases. According to anonymous Twitter user FlurETH, the trader is sitting on an unrealized profit of 133 ETH ($245,667) on his memecoin investment.
Others have criticized the fee, claiming that unless the network becomes more "affordable," mass adoption will never be achieved. One of the main drivers behind the increase in Ethereum gas fees comes from the recent memecoin frenzy, fueled in large part by frantic purchases of a new memecoin called Pepe (PEPE) of. At the time of publication, the average transaction fee on Ethereum is $22.98, the highest since May 12, 2022, when the average fee peaked at $31.11.
Another Major Reason Behind the Sharp Rise in Gas Fees From The Largractable Value Trading Bot, Which is the leading memecoin trader in lambers. E Notorious Mev Bot and "Sandwich" Attacker, Known only by the alias jaredfromsubway.eth, have ben profiting handsomely from increased network usage.
A sandwich attack occurs when an attacker "sandwiches" a victim's transaction between two of his own to manipulate prices and profit from users. On April 18, Jared made a massive $950,000 profit from the sandwich raid. Jared is also one of the larg est gas spenders on the Ethereum network. On April 20, Jared used 7% of the total network gas and spent 455 ETH in transaction fees.
