market, total, burn,

Ethereum Jumps to $2K as Memecoins Help Burn More ETH for Gas Fees

May 07, 2023 · 1 min read · 397 points
Ethereum Jumps to $2K as Memecoins Help Burn More ETH for Gas Fees
Share this

Ethereum surged by 7% overnight as Pepe and other memecoin bandwagoners are burning ETH as gas for transactions on decentralized exchanges.

Highlights

  • Ether (Ethereum) jumped by around 7% overnight and reached $2,000 on some crypto exchanges.
  • This may be due to increased burning of ETH as gas for memecoin transactions.
  • 21% of the total amount of ETH burned since its PoS transition happened just around a week ago.
  • At the time of writing, ETH is changing hands at $1,995.78, according to CoinMarketCap.
  • Meanwhile, PEPE has now reached the $1.5 billion market capitalization milestone.
  • The frog-based memoin is now occupying the 40th spot in all cryptocurrencies in terms of market cap.
Read the original article

market total burn
Join Newsletter
Get the latest news right in your inbox. We never spam!
PEPE tops $1 billion market cap even as Binance flags lack of utility
PEPE memecoin's 38% slide leaves whale nursing $500,000 paper loss