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Fee distribution data from Santiment shows an interesting trend within the crypto world as some memecoins surpass established stablecoins such as USDC and USDT in gas usage. Santiment added that speculative trading results in this unusual event. However, what’s behind the spike in gas fees among meme tokens?

🐶😺🐸 According to @santimentfeed metrics tracking of fee distributions among assets, several #memecoins have been surpassing $USDT and $USDC in gas consumption as of late. This highly uncommon occurrence happens when traders are trading speculatively. https://t.co/O35jJvtKpo pic.twitter.com/bMKDQu5nwX

High volatility, which triggers speculation among market players, might have increased gas fees in memecoins. Themed assets such as Shia Inu have lately dominated this trend.

Enthusiasts highly awaited the L2 scaling solution, Shibarium launch, expecting price recoveries from the alt. However, initial challenges such as block production issues catalyzed price declines and left players questioning Shibarium’s potential.

Shiba Inu will remain on traders’ radar this week as developers successfully relaunched Shibarium. Invezz.com explained why SHIB could maintain an upside stance in the upcoming sessions.

The first-ever meme token, Dogecoin, has also seen fluctuating volatility and gas fees, often initiated by Elon Musk’s comments. Recently, DOGE plunged to $0.07529 in August 2023 before bouncing back to $0.061963, confirming the wild price actions and speculative nature of themed cryptos. The alt changed hands at $0.06307 at press time.

Pepe Coin is another meme token gaining popularity, with developer actions increasing interest in the altcoin. PEPE dominated trends after news of its team moving a staggering 16 trillion coins to exchanges for sale.

🐸 If you are riding the wave of #memecoins during these uncertain market conditions, #Pepecoin has quickly become the top trending #crypto topic this weekend. Former team members are accused of removing $16M. Expect even more high volatility than usual. https://t.co/iQLD7h224s pic.twitter.com/UOR4sTcWwv

Pepe Coin traded at $0.0000008379 during this publication and remained poised for more price volatility ahead.

Indeed, meme tokens attract seasoned and novice traders due to potential quick profits. Nonetheless, this perception heightens risks and transactions, leading to surged gas consumption. Further, these assets are susceptible to significant price actions.

Themed assets such as Dogecoin, Shiba Inu, and PEPE attract investors due to the possibility of quick profits within a short time. That increases transactions, translating to increased gas usage. Elements such as breaking news, celebrity endorsements, and general market mood impact the price movements of these cryptocurrencies.

The post Memecoins overtake stablecoins like USDC and USDT in gas fees – data appeared first on Invezz.

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