Shiba Inu Token (SHIBUSD)

[europa7]

Meme Coin Frenzy Drives Ethereum Network Fees to Nearly 2-Year High: IntoTheBlock
"...The increased network activity is benefitting ether investors by burning the token's supply at a faster pace, but it has also made Ethereum "unusable" for many due to sky-high transaction costs, IntoTheBlock analysts noted..."
https://www.coindesk.com/markets/2024/03/08/meme-coin-frenzy-drives-ethereum-network-fees-to-nearly-2-year-high-intotheblock/

"...Fees on layer 2s, designed to scale the Ethereum network, also surged, with transactions costing as much as $1 on Arbitrum, the highest since 2022, the report said. This issue has a quick fix though with the Dencun upgrade coming up next week, which is expected to lower transaction costs on layer 2s to cents..."

Base Memecoin Bots Drive Gas Fees to Pre-Dencun Levels
"...Trading bots render the Dencun upgrade ineffective as Base gas fees surge above $2..."
https://dailycoin.com/base-memecoin-bots-gas-fees-pre-dencun/

-- Gas fees on the Base have reached pre-Dencun levels. 
-- A handful of traders are behind the sudden surge. 
-- Memecoins appear to be the main culprit behind the high prices. 

"...Data sleuth Michael Silberling quickly noticed the discrepancy, linking it to three anonymous contracts engaged in high-frequency memecoin trading. Silberling notes that much of the rush on Base stemmed from automated actors targeting memecoins, likely arbitraging and setting higher than usual gas fees for priority. 

According to the expert, the influx of trading bots on the network translated into higher demand and prices for meme coins on Base, leading to high gas fees..."

Meme Coin Trend Sparks Ethereum Gas Fee Surge and Layer 2 Solutions
https://medium.com/nftdailydose/meme-coin-trend-sparks-ethereum-gas-fee-surge-and-layer-2-solutions-e4aa1ed15da8#:~:text=From%20Dogecoin%20to%20Shiba%20Inu,efficiency%20and%20affordability%20of%20trading.

Solana Battles Network Congestion As Meme Coin Transactions Soar
https://www.benzinga.com/markets/cryptocurrency/24/04/38147473/solana-battles-network-congestion-as-meme-coin-transactions-soar
"...Solana's network hits a bottleneck as meme coin mania triggers unprecedented transaction volumes..."

What Happened: "...According to a report by The Block, the Solana network is currently experiencing severe congestion issues, an issue largely attributed to a spike in spam transactions and a notable increase in meme coin activity on the platform.

Users of the Phantom wallet app and other applications on Solana have been warned to expect longer transaction times.

The network’s congestion has been exacerbated by bots and a major increase in transactions related to newly released meme coins, putting a strain on the network’s capacity.

In Q1 2024, Solana saw a record number of new tokens on its decentralized exchanges, driven largely by meme coin activity. This has attracted new and retail users to the network, drawn by its low transaction fees.

However, the network is now struggling to handle the increased traffic..."

Solana developers rally to combat network congestion
https://www.theblock.co/post/286868/solana-network-congestion

"...The congestion affecting the network is largely due to an influx of spam transactions, with bots attempting to prioritize their activities over those of regular users. This issue is exacerbated by a dramatic increase in transactions associated with newly released memecoins, creating an extraordinary demand for the network’s block space and resulting in impeded access for many users.

In the first quarter of 2024, the Solana blockchain experienced a significant uptick in memecoin activity, and the number of new tokens appearing on Solana DEXs reached a record high during this time period.

This increase in activity, large driven around meme coins, underscores the rising interest in Solana among new and retail users, attracted by the network’s affordable transaction fees. However, the influx of spam transactions has emerged as a bottleneck for the network..."