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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.

Shiba inu dog
Dogecoin, a meme based on the shiba inu dog breed, was started as a joke in 2013. (Christal Yuen/Unsplash)