This week, the Ethereum mainnet transaction fee revenue is approximately $200 million, reaching a new high since May 2022

IntoTheBlock pointed out in Friday's market report that the speculative frenzy driven by meme coins such as PEPE, SHIB, FLOKI has boosted blockchain activity, with Ethereum mainnet network fee revenue reaching $193 million this week, a new high since May 2022, up 78% from last week.

DefiLlama data shows that on-chain DEX trading volume on Ethereum increased by about 40% this week to reach $20 billion.

On the other hand, IntoTheBlock noted that due to the increase in on-chain activity, the average transaction cost (Gas fee) on the Ethereum network rose to $28 this week, making it "unaffordable" for many users.