Memecoins have been useful to Ethereum validators, IntoTheBlock says. $PEPE $SHIB $DOGE
fees this quarter have surged by a whopping 83%. Fees here refer to the money paid by users in order to execute a transaction or a smart contract on the ETH network. In May, they totaled a staggering $829 million.
The IntoTheBlock team named meme token speculation as one of the major drivers for high Ethereum fees in May. Among the most popular meme coins are Dogecoin and Shiba Inu. However, in April, Pepe Coin emerged, made by an anonymous team with no utility. Unlike canine tokens, like DOGE, SHIB and FLOKI, Pepe was inspired by the Pepe the Frog internet meme.
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