Worth it? Trader spends $120K on gas buying $155K worth of a memecoin
A single trader just spent a shocking 64 Ether– comparable to $118,000– in gas fees acquiring $155,000 worth of a memecoin called Four (FOUR). Arbitrum One, an Ethereum layer 2 network, simply did more day-to-day cost income than Bitcoin.Not to point out that Ethereum itself did more than 28x the charge earnings of Bitcoin in the exact same time duration. At the time of publication, the typical Ethereum transaction fee is sitting at $22.98, the greatest level taped since May 12, 2022 where the average fee reached a peak of $31.11.
Others have leveled criticism at the charges, claiming that unless the network ends up being more “budget friendly” mass adoption will never ever be attained. As reported by Cointelegraph, one of the main drivers behind the boost in Ethereum gas costs originates from the recent meme coin hysteria, driven in big part by the frenzied buying of a brand-new memecoin called Pepe (PEPE). At the time of publication, the average Ethereum deal charge is sitting at $22.98, the greatest level taped given that May 12, 2022 where the typical cost reached a peak of $31.11. Typical Ethereum transaction fees in the past year. Source: Etherscan.Another significant factor behind the extreme uptick in gas fees comes from the Maximal Extractable Value (MEV) trading bot that is front-running memecoin trades en masse. The notorious MEV bot and “Sandwich assailant, understood just by the pseudonym jaredfromsubway.eth, has been profiting considerably increased network usage. A sandwich attack happens when an assailant “sandwiches” a victims deal between their own two transactions in order to manipulate the price and profit from the user.On April 18, Jared cleared a whopping $950,000 in make money from the sandwich attacks. Jared has actually likewise been one of the largest gas spenders on the Ethereum network. On April 20, Jared used 7% of the total gas on the network and invested 455 ETH in deal costs. Asia Express: Justin Suns SUI-farming sins, PEPEs wild run, 3ACs oyster philosophy
A single trader just invested an incredible 64 Ether– comparable to $118,000– in gas charges purchasing $155,000 worth of a memecoin called Four (FOUR). According to an upgrade from the popular blockchain tracking service Whale Alert, the lone trader paid an impressive $119,157 in Ether (ETH) to complete a Unsiwap trade that swapped 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens. A charge of 64 #ETH (119,121 USD) has actually just been paid for a single transaction!https:// t.co/ 3w4UD0AZbw– Whale Alert (@whale_alert) May 8, 2023
It appears as though the trader willingly increased their gas fee to speed up the transaction time to buy the memecoin. Source: Etherscan.Gas fees on the Ethereum network have become the subject of dispute among the crypto community, with a number of popular Etheruem supporters praising the heightened activity for its income generating results and long-lasting deflationary pressure on the supply of Ether. Arbitrum One, an Ethereum layer 2 network, simply did more day-to-day cost revenue than Bitcoin.Not to discuss that Ethereum itself did more than 28x the charge profits of Bitcoin in the same time duration.
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Question about Worth it? Trader spends $120K on gas buying $155K worth of a memecoin ...?
The recent incident where a trader spent $120K on gas fees for a memecoin raises the question: was it worth it? While the trader acquired $155K worth of Four (FOUR), the exorbitant gas fees highlight the volatility and risks associated with trading in the current Ethereum network environment. The decision to pay such high fees may have been driven by the urgency to complete the transaction quickly, but it also underscores the need for traders to carefully consider transaction costs before engaging in similar trades.
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