Sirwin
Sirwin

Gas Fees and Meme Crazes Impacts

By Cje95 | Chronic Illness and Crypto | 6 May 2023


After months of low transaction fees on the Ethereum blockchain users have been hit with transaction costs not seen in over a year. This seems to have generated some unique reactions in my opinion. When Ethereum moved to Proof of Stake (PoS) it seems that some people still think this alone would drive down gas prices. I was surprised to see people still stuck on this idea since this was never the plan for Ethereum. When they first made the move and this rumor even started the developers quickly moved to squash it. Developers pointed to the environmental importance of the move given the political movements against crypto due to power consumption coupled with allowing more users to participate in securing the network.  

 

To address the gas fees issues faced other changes were implemented to try and help out the network. I honestly am not sure if they really fully worked to the state that we have given them credit for because crypto was and has been in a winter. Now that it is starting to wake up and move out of it we have seen gas fees go from 30 Gwei to over 140 Gwei a significant change, to say the least. What has led this charge is another meme coin run with PEPE exploding from next to nothing to having a market cap of almost $1.3 billion, larger than The Graph (GRT), the Sandbox (SAND), and even Curve (CRV)!

 

While some people love these episodes and enjoy seeing people end up with windfalls of cash I tend to be much more hesitant about the pros of this. With how much the transaction fees have increased regular Ethereum blockchain users suffer the fallout. People who might have been participating in other ways like DeFi, NFT trading, or investing/utilizing other tokens on the blockchain bear the brunt of this. It also gives people on the outside who could be looking to onboard into crypto pause because the barrier to entry has increased so much. Others who have dogged and hated on crypto as well are given more ammunition to argue against the cause.  

 

Arguments can be made either way about the meme token craze and its impact. I am torn between the pros and cons since I love seeing people secure a nice bag odds are new and inexperienced people are the ones who are going to be left holding the bag when the PEPE craze fads as meme token crazes always do. If you made money on PEPE congrats that is amazing! Looking forward though it just seems like it might end up doing more harm than good to the overall crypto industry.  

 

 

Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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