ETH Transaction Fee Surges to 12-Month High as PEPE Frenzy Grips Market

The daily median gas price, or transaction cost, hit a 12-month high of 87 gwei – one gwei is a billionth of an ether (ETH) – early this week. The value has increased more than 50% since the launch of the PEPE token on April 18, according to pseudonymous analyst @hildobby’s Ethereum Gas tracker on Dune Analytics. At one point on Monday, the one-minute median gas price surged well past 150 gwei.