The Ethereum network once again faced a spike in gas prices (transaction costs) of up to 470% on May 11 and there is no sign of a recession.
In the past week, record gas prices have dropped to around $ 12 which invites relief to the network community.
Yet, today the price of gas has hit nearly $ 70, an all -time record with an increase of almost double from the February record, $ 40.
Observations found that the issue resurfaced following the high demand for the meme token, Shiba Inu (SHIB).
The wave of shitcoins probably arguably started with Dogecoin (DOGE) hyphenated by Tesla founder Elon Musk before it spread to other coins like SHIB and Pig Token (PIG).
Most who buy it just want to ‘enjoy’ the profits from the pump and dump.
For example as happened to DOGE’s declining price after its community pumped ahead of Musk’s appearance on SNL over the course of the day.
Meanwhile, SHIB saw a price spike of 1400%, again after being listed on Binance. Not forgetting the launch of the WOOFY token to bring the Yearn Finance (YFI) price to over $ 93,000 this morning.
So, it is not surprising if the crypto market can now be considered shitcoin season, not altcoin season as expected.
