2023-05-09
Another trader recently used 64 ETH, equivalent to $118,000 in GAS fees, to buy Four (FOUR) coins.
Ref: (1) Whale Alert on Twitter
According to an update from Whale Alert, someone paid $119,157 in Ether (ETH) on Uniswap to swap 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens. The trader accepted this high fee willingly to expedite the transaction to purchase a memecoin, as suggested by Twitter user @FlurETH, and made a profit of 133 ETH ($245,667) from investing in the memecoin.
Ref: (1) MinisterOfNFTs
One of the main drivers behind the recent increase in Ethereum gas fees is the craze around meme coins, particularly the new one called Pepe (PEPE), which is heavily supported by frenzied buying. As of May 12, 2022, the average transaction fee on Ethereum was $22.98, which is the highest recorded level. The average fee has risen as high as $31.11.