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Crypto speculators are shelling out exorbitant amounts to access nascent meme coins and amass a significant share of their total issuance.
According to on-chain data, a trader paid more than 64 ether (ETH) in fees on Monday to acquire 84 ether worth of FOUR, a recently issued meme token on the Ethereum blockchain that appears to be based on the "4" meme from Crypto Twitter.
This indicates that the trader invested more than $120,000 to obtain FOUR tokens worth $156,000. Nevertheless, some investigators noticed that this trader was only the second individual to purchase FOUR and currently has an unrealized gain of almost $240,000.
DEXTools data reveals that FOUR tokens recorded a trading volume of $136 million on its debut trading day, and as of Tuesday, it had a market capitalization of $30 million.
Additional on-chain data indicates that the leading early buyers of FOUR are currently enjoying profits ranging from $240,000 to $2 million. This sheds light on why traders were willing to pay exorbitant fees to acquire these tokens.
At present, the crypto market's focus on meme-based investments rather than sound fundamentals has led to an intense scramble for jokes, resulting in exorbitant gas fees on the Ethereum blockchain.
Gas on the Ethereum network is the term used for the amount of Ether paid by users to guarantee their transactions get processed promptly by validators in the next available block. These validators prioritize transactions with the highest fees over those submitted earlier, resulting in exorbitant fees that can soar into the thousands of dollars for popular tokens.
Source Coindesk
