Ethereum, the second-largest cryptocurrency in the world, is facing a major issue with soaring gas fees, which are payments made to miners for processing transactions. These fees have been steadily increasing over the past few months, reaching record highs recently, causing concern among traders and investors about the long-term viability of the Ethereum network.

The recent spike in network activity is said to be a result of the meme coin craze, which has created intense network activity, causing congestion during the weekend. This congestion, coupled with panic selling by whales, has contributed to the soaring prices and may eventually lead to reduced gains for retail traders. The high gas fees on the Ethereum network could have a significant impact on ETH prices in the long run, and may hinder the growth of decentralized finance applications on Ethereum.