There is never a dull day in the meme coin world. The current newsmaker in the space is the Pepe coin (PEPE). The token has displayed an astonishing 7000% climb after its launch. Pepe’s surge has pushed gas fees on the Ethereum network to the highest level in a year. Meme coins continue to attract massive hype and display extraordinary price climbs, thus pushing up gas fees in the Ethereum network, in which they are based.
DogeMiyagi, a viral new meme coin, is next projected to push up gas fees on the network. In this article, we will look at how meme coins are driving up gas fees on the Ethereum network and how Ethereum has such a central place in the crypto world.
Ethereum: The Smart Contracts Giant
Perhaps the most significant feature of the Ethereum blockchain is its ability to run smart contracts. The network has an immense lead over other blockchains in terms of the number of dApps and DeFi projects, displaying the popularity of its smart contracts. The prowess of the Ethereum network has meant thousands of tokens are built on the Ethereum blockchain and share the same backbone.
Tokens based on the Ethereum network use it to perform transactions, and such transactions require a fee to be paid, called gas fees. The recent surge of Pepe coin saw the gas fee surging as a result of high traffic on the network. Ethereum’s strong market position is a reflection of its influence among tokens using its blockchain.
Pepe: The Meme Coin Phenomenon
Pepe Coin, inspired by Pepe the Frog meme, is the latest meme coin to take the crypto world by storm. The token, built on the Ethereum blockchain, has performed a 7000% climb after its launch. The token raced to a $1 billion market cap, riding on the hype its community had built around the project. The token has pushed Ethereum gas prices to their highest point in a year with its high demand.
The trading volume of PEPE on the Ethereum network has surpassed $150 million in the last 24 hours. The high demand for the token is not showing any sign of coming down as PEPE continues its stellar performance. The high gas fees have also caused layer 2 gas fees to surge, thus making transactions dearer across the crypto world. The gas fee surge shows PEPE’s allure and how much of a sway meme coins have on the market.
DogeMiyagi: Superstar Meme Coin in the Making
DogeMiyagi, a viral new meme coin in presale, has caught the attention of the crypto market with its community-centric development model. The project, built on the Ethereum blockchain, claims the high security, scalability and decentralisation that the blockchain offers.
Going through its presale, DogeMiyagi has a lot of hype because of its development plans. The network has the goal of being a wealth generator for its community. The network has stated its plans to be a full DAO after its launch. Thus, the community will be at the centre of the network and will have the final say in decision-making, making it a very attractive investment. The network also plans to launch DogeMiyagi NFTs and other dApps in its ecosystem that will be run by MIYAGI.
MIYAGI looks like a winner with its development model and has the potential to summit the meme coin world. The ERC 20-compliant token could emulate PEPE’s influence on Ethereum gas fees once it launches. The token could potentially display a showing that matches PEPE’s phenomenal run.
The Last Word
PEPE’s popularity is a glimpse into the popularity and influence of meme coins. The potential of incredible returns and strong communities make these fun tokens the focus of the crypto world. DogeMiyagi resembles Pepe in the hype that surrounds it. The project’s enthusiastic community and strong fundamentals could potentially cause MIYAGI to drive up Ethereum gas fees once it launches.
Click To Know More About Mr DogeMiyagi:
Website: https://dogemiyagi.com
Twitter: https://twitter.com/_Dogemiyagi_
Telegram: https://t.me/dogemiyagi
