europa7
2 days ago
Meme Coin Frenzy Drives Ethereum Network Fees to Nearly 2-Year High: IntoTheBlock
"...The increased network activity is benefitting ether investors by burning the token's supply at a faster pace, but it has also made Ethereum "unusable" for many due to sky-high transaction costs, IntoTheBlock analysts noted..."
https://www.coindesk.com/markets/2024/03/08/meme-coin-frenzy-drives-ethereum-network-fees-to-nearly-2-year-high-intotheblock/
"...Fees on layer 2s, designed to scale the Ethereum network, also surged, with transactions costing as much as $1 on Arbitrum, the highest since 2022, the report said. This issue has a quick fix though with the Dencun upgrade coming up next week, which is expected to lower transaction costs on layer 2s to cents..."
Base Memecoin Bots Drive Gas Fees to Pre-Dencun Levels
"...Trading bots render the Dencun upgrade ineffective as Base gas fees surge above $2..."
https://dailycoin.com/base-memecoin-bots-gas-fees-pre-dencun/
-- Gas fees on the Base have reached pre-Dencun levels.
-- A handful of traders are behind the sudden surge.
-- Memecoins appear to be the main culprit behind the high prices.
"...Data sleuth Michael Silberling quickly noticed the discrepancy, linking it to three anonymous contracts engaged in high-frequency memecoin trading. Silberling notes that much of the rush on Base stemmed from automated actors targeting memecoins, likely arbitraging and setting higher than usual gas fees for priority.
According to the expert, the influx of trading bots on the network translated into higher demand and prices for meme coins on Base, leading to high gas fees..."
Meme Coin Trend Sparks Ethereum Gas Fee Surge and Layer 2 Solutions
https://medium.com/nftdailydose/meme-coin-trend-sparks-ethereum-gas-fee-surge-and-layer-2-solutions-e4aa1ed15da8#:~:text=From%20Dogecoin%20to%20Shiba%20Inu,efficiency%20and%20affordability%20of%20trading.
Solana Battles Network Congestion As Meme Coin Transactions Soar
https://www.benzinga.com/markets/cryptocurrency/24/04/38147473/solana-battles-network-congestion-as-meme-coin-transactions-soar
"...Solana's network hits a bottleneck as meme coin mania triggers unprecedented transaction volumes..."
What Happened: "...According to a report by The Block, the Solana network is currently experiencing severe congestion issues, an issue largely attributed to a spike in spam transactions and a notable increase in meme coin activity on the platform.
Users of the Phantom wallet app and other applications on Solana have been warned to expect longer transaction times.
The network’s congestion has been exacerbated by bots and a major increase in transactions related to newly released meme coins, putting a strain on the network’s capacity.
In Q1 2024, Solana saw a record number of new tokens on its decentralized exchanges, driven largely by meme coin activity. This has attracted new and retail users to the network, drawn by its low transaction fees.
However, the network is now struggling to handle the increased traffic..."
Solana developers rally to combat network congestion
https://www.theblock.co/post/286868/solana-network-congestion
"...The congestion affecting the network is largely due to an influx of spam transactions, with bots attempting to prioritize their activities over those of regular users. This issue is exacerbated by a dramatic increase in transactions associated with newly released memecoins, creating an extraordinary demand for the network’s block space and resulting in impeded access for many users.
In the first quarter of 2024, the Solana blockchain experienced a significant uptick in memecoin activity, and the number of new tokens appearing on Solana DEXs reached a record high during this time period.
This increase in activity, large driven around meme coins, underscores the rising interest in Solana among new and retail users, attracted by the network’s affordable transaction fees. However, the influx of spam transactions has emerged as a bottleneck for the network..."
europa7
2 days ago
1 in 6 new Base meme coins are scams, 91% have vulnerabilities
"Trying to hit the meme coin jackpot trading tokens on Base? A honeypot or rug pull is more likely."
https://cointelegraph.com/magazine/base-meme-coins-scams-vulnerabilities-honeypot/
crypto crawling with criminals...? madness...DYOR...
"...As with the fast and cheap L1 blockchain Solana, most of the activity is being fueled by degenerate gambling on memecoins, with hopefuls vying to make life-changing amounts of money from a small outlay.
But an investigation by Magazine has found the vast majority of memecoins on the platform have security vulnerabilities that could expose users to big losses.
And one in six are deliberately malicious and use a variety of tricks to steal user funds..."
***
"...Presale rug pulls have become a rising trend on the Solana network, and they are difficult to identify because they often rely on social engineering tactics and hype. Sometimes, a token presale is conducted for a project that doesn’t even have a smart contract to be audited.
A recent study by Blockaid reportedly found that half of Solana presale tokens launched between November and February were malicious..."
europa7
2 days ago
The Dark Side of Meme Coins – Why Useless Shitcoins Are Bubbles Waiting to Burst
https://www.newsbtc.com/news/company/the-dark-side-of-meme-coins-why-useless-shitcoins-are-bubbles-waiting-to-burst/
The Regulatory Landscape Doesn’t Look Promising for Meme Coins
"...Regulations around cryptocurrencies and NFTs are still in the developing phase. Governments are still apprehensive about them. The high volatility of meme coins doesn’t help the situation. In fact, it feeds the negative narrative.
To give you a better perspective, Pepe has lost 63.29% since hitting an all-time high on May 05, 2023. Milady Meme Coin, on the other hand, has lost 72.36% since May 11, 2023. Ben has lost 36.15%. You get the drift.
Established meme coins like Dogecoin and Shiba Inu are in no better shape. Although they have managed to maintain their status as the world’s largest meme coins, they have also struck loyal investors with painful crashes.
While meme coins are excellent tools for branding and building awareness around a project or product, they are risky investments. The reason is quite obvious. Most meme coins come with no utility. In fact, meme coins like Pepe and LADYS are marketed for their lack of utility. Shitcoins, as they are called, are unlikely to get the legal nod.
Moreover, shitcoins won’t stand the test of time without anything solid supporting their value..."
interesting...
go $SHIB
lilLu
4 days ago
Correction, Im no longer in floki & haven't been for a couple years now. I don't trust devs & for good reason. Musk & his brother took over after several failed attempts at creating the 'Peoples Crypto' & it makes no sense to me how/why musk can endorse any Crypto other than bitcoin when he has been very open about bit being the only legitimate alternative to fiat. Also, Musk has been fairly vocal in recent years about no crypto actually replacing any countries fiat to begin with & that the value of crypto for investors is in a networks native coin/token, which is the block & something i personally DO accept. Especially, after what I witnessed in the doge community, people will buy anything when it's endorsed by a celebrity & musk played them all hook, line & sinker. Posts his dog, because it adds incentive to buy & floki/doge communities are all about trends with zero DD. However, floki was added to coinbase wallet. Means nothing though.
One more thing...I hope noones getting caught up in meme fire.👎 If you're lucky, you'll just get burned. DD & buy value.
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