Ethereum gas fees cool down after May memecoin frenzy
1 min read
The average gas fee — transaction fee — on the Ethereum network has cooled substantially in the first week of June after reaching a multimonth high in May, owing to the memecoin frenzy and much maximal extractable value (MEV) bot activities.
The average gas fee has decreased to $7.34, an almost one-third drop from last month’s high of $20. In terms of gwei — a denomination of Ether (
Ordinals were introduced in January, and by the end of May, the number of Ordinal inscriptions on the Bitcoin blockchain had surpassed 10 million. Total fees paid for Ordinals inscriptions rose 700% in May to currently sit at 1,639 Bitcoin (BTC).
With the memecoin frenzy dying down, Ethereum gas fees have cooled, and Ordinals inscriptions have also decreased significantly.
Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?
