Ethereum gas fees cool down after May memecoin frenzy By Cointelegraph


The average gas fee — transaction fee — on the network has cooled substantially in the first week of June after reaching a multimonth high in May, owing to the memecoin frenzy and much maximal extractable value (MEV) bot activities.

The average gas fee has decreased to $7.34, an almost one-third drop from last month’s high of $20. In terms of gwei — a denomination of Ether (ETH) that represents one-billionth of one ETH — the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last month, according to Dune Analytics.

Average gas fees on Ethereum in the past six months. Source: Dune Analytics
Total Ordinals inscriptions on the network. Source: Dune Analytics