Ethereum's gas fees have reached a new multi-month high due to a growing memecoin frenzy, resulting in a surge in daily revenue for the network. However, the high fees have also caused congestion and difficulties processing transactions. Memecoins such as TROLL, APED, and BOBO have become top gas spenders, replacing ETH, WETH, and USDT. The surge in daily fee revenue for Ethereum, which is 28 times that of Bitcoin, has highlighted the network's growing usability, according to Ethereum proponents. However, some have pointed out that the extensive usage is limited to a few thousand users gambling on memecoins. The soaring gas fees have been blamed on a Maximal Extractable Value (MEV) trading bot called jaredfromsubway.eth, which has been front-running memecoin trades on a massive scale using the sandwich trading technique, pocketing millions of dollars while congesting the network.

(By PRASHANT JHA)