Ethereum’s gas fees have dropped following the meme coin craze in May.

Apart from Ethereum, Bitcoin has fallen sharply after its May highs via the Ordinal meme craze.

Like Ethereum, Bitcoin was also affected by the meme craze, with transaction volume through the Ordinal meme reaching a peak in May. However, as time went on, the meme craze for Bitcoin gradually subsided and transaction volume declined significantly.

After a period of meme coin frenzy and heavy MEV bot activity in May, average gas fees (transaction fees) on the Ethereum network dropped significantly in the first week of June, reaching their highest point in many months.

Average gas fees have fallen to $7.34, down nearly a third from a high of $20 last month. In gwei, a billionth of an ether, the median daily gas price has fallen to 24 gwei from a high of nearly 140 gwei last month, according to Dune Analytics.

The meme coin craze started in late April and became a hot topic in May, leading to the entry of multiple new meme coins into the market, such as Aped (APED), Bobo Coin (BOBO), etc. Meme coins account for such a high proportion of network activity that there has been an unusual shift in the top 10 tokens with the highest gas fees. Compared to Ethereum (ETH), Wrapped Ethereum (WETH) or Tether (USDT), meme coins such as Troll (TROLL), APED and BOBO have become the top 10 tokens with the highest gas fees.

Another notable reason for rising gas fees on Ethereum is the popularity of meme coins on decentralized platforms, while mainstream centralized exchanges take longer to list these coins.

May wasn’t just Ethereum’s meme coin craze, Bitcoin’s Ordinal memes also gained significant popularity. Ordinal enables digital art to be stored decentrally on the Bitcoin blockchain.

The Ordinal meme started rolling out in January, and by the end of May, the number of Ordinal records on the Bitcoin blockchain had surpassed 10 million. In May, the total fees spent on Ordinal records grew 700% to 1,639 Bitcoins.

As the meme coin craze has cooled down, Ethereum’s gas fees have been reduced and the number of Ordinal records has been significantly reduced.