The memecoin craze continues to make investors spend a staggering amount of money.
A crypto trader recently paid a jaw-dropping 64 Ether (ETH) or around $118,000 in gas fees to acquire $155,000 worth of a memecoin named Four (FOUR).
The investor made headlines after Whale Alert, the renowned blockchain tracking service, revealed that the crypto trader paid an incredible $119,157 in Ether to finalize a Uniswap transaction.
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The transaction involved 84 Wrapped Ether (wETH) being traded for a whopping 13.8 billion FOUR tokens.
However, it seems that trader willingly increased their gas fee to expedite the transaction time and get their hands on the desired memecoin.
Twitter user FlurETH, who prefers to remain anonymous, has reported that this bold investor is currently waiting on an unrealized profit of 133 ETH ($245,667) from their FOUR tokens.
Ethereum's soaring gas fees have been a hot topic of debate within the crypto community. Some Ethereum supporters applaud the increased activity, pointing to its revenue-generating effects and the long-term deflationary pressure on Ether supply. However, critics argue that unless the network becomes more affordable, mass adoption will never occur.
The recent memecoin craze, driven predominantly by the frenzied buying of a new memecoin called Pepe (PEPE), is among the reasons for soaring Ethereum gas fees. As of now, the average Ethereum transaction fee is a staggering $22.98, the highest since May 12th, 2022, when it peaked at $31.11.
Another investor recently bought 962.3 billion Pepe tokens hours before its price dropped by over 40%, leaving a "whale" with an unrealized loss of over $600,000.
As Ethereum gas fees continue to skyrocket, the debate around their impact on mass adoption intensifies. Meanwhile, daring traders like the one in this story are making headlines with their high-stakes investments.
