On Wednesday, the second-largest cryptocurrency in the world, Ethereum managed to touch its all-time high of $4350, and hence, skyrocketed the gas fees. The price of Ethereum surged nearly 10% in the past 24 hours and is now standing at a market capitalization of over $500 billion.
Ethereum Touches the Market Capitalization of $500 Billion
Well, the gas fees of Ethereum have surged to a record high by 470% on May 11. The industry experts and veterans are already blaming the meme coin frenzy for it.
In addition to this, the investors in the cryptocurrency would be glad to know that Ethereum is now worth more than the leading investment bank of the world, JPMorgan. The total market cap of JPMorgan Chase is $480B.
Earlier this year, Ethereum surpassed the market capitalization of PayPal and the Bank of America amid its rise since the beginning of this year.
Santiment, an on-chain analytics company, released a statement on Twitter, mentioning:
“Ethereum top stakeholders have been historically active over the past week, with one 4-hour window on 5 May seeing over 6,300 $100k+ ETH transactions. This explosion in activity beginning on 3 May had much to do with the inevitable rise to $4,200.”
Ethereum Gas Fees Skyrocketed Amid Spike in Price
As reported by leading market aggregators last week, the average dealing fees on the Ethereum network had declined to around $12.
However, ETH Gas Station is presently reporting a record $200 average price for carrying out a token swap on crypto exchange and a gas cost as high as $240.
Correlating the surge in the gas fees and network congestion with the meme token, Trustnodes said:
“The reason for this congestion seems to be some ‘meme’ tokens that are probably just organized opportunistic pumps and dumps.”
Within a week, the Shiba Inu (SHIB) has pumped over 1400%, but the dumping round has already begun.