On May 2, the median average transaction fee on the Ethereum network soared to around 87 gwei, according to Dune Analytics. This spike was mainly attributed to the increased on-chain activity surrounding memecoin trading.

Memecoins such as Pepe the Frog-themed token have been enjoying a renaissance recently, with the token price soaring over 266 times in just four days in April. The memecoin’s market cap rose to over $500 million this week before crashing below $400 million again.