The Crypto Roundup: 11 March 2024 | CryptoCompare.com

The Ethereum blockchain, experienced a surge in revenue this week, reaching its highest level since May 2022, seeing a 78% increase from last week that coincides with a renewed speculative frenzy surrounding memecoins.

According to data from IntoTheBlock, the Ethereum network generated $193 million last week from transaction fees in an increase driven by a rise in on-chain activity, fueled by the recent price surge of meme tokens like Pepe (PEPE), Shiba Inu (SHIB), and Floki (FLOKI), some of which doubled in value over the past week.

Trading volumes on decentralized exchanges on top of Ethereum witnessed a 40% jump, reaching $20 billion last week, further adding pressure to the network, which saw its transaction fees jump to an average of $28, nearly a two-year high.

This activity benefits ETH holders due to the cryptocurrency’s deflationary mechanism implemented after the “Merge” upgrade that sees a portion of transaction fees get destroyed to decrease circulating supply. Data shows a decrease of 33,400 ETH (around $133.9 million) over the past week, putting the annualized deflation rate at 1.45%.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/mar/11/