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- Ethereum validators earned substantial profits from trading fees last week.
- This was attributed to a rise in meme coin trading, particularly Pepe Coin.
- PEPE reached an all-time high last week but has since decreased by 57%.
Meme coins have consistently been a part of the cryptocurrency landscape, frequently showcasing popular animals such as cats and dogs. Recently, Pepe Coin has entered this arena, gaining attention due to its remarkable price movements. Initial investors in Pepe Coin have seen considerable returns, ranging from hundreds to even millions of dollars.
PEPE achieved an all-time high of $0.000004354 on May 5, 2023. This has resulted in significant gains not only for investors but also for Ethereum network validators.
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Ethereum validators generated significant revenue during Pepe Coin’s rise
Data from the MEV Boost dashboard indicates that the revenue generated by validators during the meme coin trading frenzy last week was nearly comparable to the period surrounding the FTX exchange collapse.
On May 6, the total reward in MEV revenue amounted to 549.05 ETH and 2,457.73 ETH in gas fees, totaling 3,006.78 ETH (equivalent to $5.6 million at current valuations). On November 9, during the peak of the FTX collapse, MEV revenue was recorded at 2,505.69 ETH, while gas fees reached 1,423.99 ETH, culminating in total revenue of 3,929.68 ETH ($6.1 million).
Although Pepe Coin provided investors with substantial returns last week, the trend has shifted. According to CoinMarketCap data, PEPE has declined by 39% in the past 24 hours. The trending meme coin is also down nearly 57% from its all-time high recorded three days ago.
