Gas Fees On Ethereum Drop 80% As Meme Coins Trading Volume Cool Down

Ethereum gas fees soared to the highest point in May after meme coins rally especially Pepe the Frog and Floki. Many PEPE investors went from rags to riches.

According to IntoTheBlock Ethereum gas fees dropped 16.5% between May 26 to June 2.

Transaction fees also dropped 80% over the course of a month, from $27.62 on May 5 to $5.50 on June 4, and the figure is now near levels last seen in mid-April.

IntoTheBlock on Twitter: "Total Ethereum transaction fees dropped by 16.5% this week! May's meme token mania that fueled the recent fee spike seems to be receding. 

Top meme coins by market cap.

1. Dogecoin ranks 8^th largest crypto, values $9.3 billion.

2. Shiba Inu ranks 17^th largest crypto, values $4.7 billion.

3. Pepe the Frog ranks 87^th largest crypto, values $398 million.

4. Floki ranks 109^th largest crypto, values $265 million.