• The success of the PEPE meme coin has triggered a rapid burn rate on the Ethereum (ETH) network.
• Meme coins have moved to the forefront of crypto over the last month and this increased volume has inadvertently led to a rise in the ETH burn rate.
• Ethereum is dominating DeFi with its 24-hour volume climbing to $1.12 billion.
PEPE Meme Coin Triggers Rapid Burn Rate on Ethereum
The success of the PEPE meme coin has caused a surge in activity on the Ethereum network, resulting in an increased burn rate for ETH fees. Data from Ultrasound Money shows that 561,656 ETH have been burned since Merge occurred 231 days ago, with over 130,852 ETH burned within just 30 days alone. It is believed that this was triggered by an increase in activity as users try to get their transactions confirmed faster due to higher bids for block space leading to more ETH being burned.
Meme Coins Lead To Higher Burn Rate
Meme coins have been at the forefront of crypto over the past month and their presence has led to an even higher burn rate than before. Uniswap, being one of the largest DEXs on Ethereum’s network, has seen 32,800 ETH burned within just 30 days alone and 45,000 ETH within 7 days – equating to 4.53 ETH per minute with an issuance offset rate of 3.47x.
Ethereum Dominates DeFi
As a result of all these activities, Ethereum’s 24-hour volume has gone up to $1.12 billion – dominating DeFi as it had done so previously back in 2021 when meme coins first became prominent again within crypto circles.
It is clear that meme coins are having a significant effect on Ethereum’s network as not only can they be used as speculative investments but they are also driving up transaction fees which leads to more burning of ETH – something which could help reinvigorate confidence in cryptocurrency markets if done right and carefully monitored by developers and regulators alike going forward especially given how much money is now involved compared with previous years when meme coins first became popular amongst traders and investors alike..
• The success of the PEPE meme coin has caused a rapid burn rate on Ethereum’s network
• Meme coins have lead to an increase in activity resulting in higher bids for block space • This increase in activity has resulted in more than 130k ETH burned within just 30 days • Ethereum’s 24-hour volume climbed significantly due its dominance over DeFi