The average Ethereum network fee rose 470% to a record high yesterday, May 11th, and it doesn’t seem to be slowing down.

According to the siteBitinfochartsThe average transaction fee on the Ethereum blockchain has fallen to around $12 over the past week.

The value of the fees today exceeds 68 dollars, and thus the highest level ever recorded, almost double the previous one in late February, when these fees reached 40 dollars.

Bitinfocharts only tracks the average price of network usage, while some operations such as smart contract interactions or cryptocurrency swaps on decentralized exchanges can be much higher in terms of higher gas fees.

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According to the “Eth Gas Station” website, the average price for making a swap on “Uniswap” has reached the cost of gas up to $200.

Adding or removing liquidity to a DeFi smart contract can cost up to $210.

Blame meme coins:

After posting a screenshot of a user paying $337 for a swap on Uniswap, Trustnodes linked the increase in gas fees and network congestion to the meme craze started by Dogecoin.

What was stated on the siteTrustnodes“:

The reason for this congestion appears to be some crypto “meme” that may be just organized opportunistic pumps and dumps.

Trustnodes added that SHIB appears to be the self-described culprit as the “Dogecoin Killer.”

It is the only thing that is killing the Ethereum network right now and probably the pocket of many.

Today’s scene is reminiscent of the pump and dump patterns of the 2017/2018 bull run where FOMO took over the markets and speculators used ICOs to ride the hype and make a quick profit.

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Return of pumping and dump operations:

In less than a week, SHIB has pumped over 1400% but the dump has already started.

The SHIB clone sheds off-target DOGE 20% per day, according to Coingecko.

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Another dog meme just released today is “Woofy” from Year Finance.

Once again and again, FOMO-driven speculators have jumped into the hype and pushed YFI to an all-time high of $90,000 this morning in anticipation of the new cryptocurrency’s free distribution.

The digital currency “Woofy” is a digital currency designed to follow the price of YFI and carry a diluted value, and given the price of the digital currency, we find that the digital currency “Woofy” sent the YFI coin to the moon, intentionally or unintentionally.

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