- Ethereum validators made hefty profits from trading fees last week.
- This was due to a surge in meme coin trading, especially Pepe Coin.
- PEPE touched an all-time high last week, however, fell by 57% since then.
Meme coins have been a familiar presence in the cryptocurrency space, often featuring popular animals like cats and dogs. Recently, a new participant, Pepe Coin, has emerged in this domain, attracting attention with its notable price performance. Early investors in Pepe Coin have experienced significant returns, ranging from hundreds to even millions of dollars.
PEPE touched an all-time high of $0.000004354 on May 5, 2023. This has made not only the investors but also the Ethereum network validators a hefty bag.
Ethereum validators made notable revenue amidst Pepe Coin surge
According to the data from the MEV Boost dashboard, the revenue made by the validators during the meme coin trading craze last week was almost equal to the time during the collapse of the FTX exchange.
On May 6, the total reward in MEV revenue was 549.05 ETH and 2,457.73 ETH in gas fees, for a total of 3,006.78 ETH (worth $5.6 million at current prices). On Nov. 9, at the height of the FTX collapse, MEV revenue was at 2,505.69 ETH while gas fees were at 1,423.99 ETH, for a total revenue of 3,929.68 ETH ($6.1 million).
Even though Pepe Coin gave investors a considerable return on their investment last week, the situation has reversed. According to CoinMarketCap data, PEPE is down by 39% in the last 24 hours. The trending meme coin is also down by almost 57% from its all-time high from three days ago.