'First meme coin that blows up' will boost L2s adoption, Synthetix $SNX founder kaiynne opines memecoin $PEPE $FLOKI $SHIB $DOGE
Warwick shared this take commenting on a statement about meme coin traders' willingness to pay high fees, but not explore other blockchains like L2 networks Optimism , Arbitrum or alternative blockchains, including Avalanche .
He recalled that some"FOMO"-motivated enthusiasts managed to migrate to Uniswap for the same reasons, i.e., to buy early-stage coins cheaper before they are listed on mainstream centralized exchanges. As such, L2s and bridges to Ethereum might onboard the next generation of traders once meme coins like Pepe start rallying there.
Yesterday, amid the euphoria around the Pepe listing on Binance , the Ethereum network became almost unusable due to enormous fees.Yesterday, the average transaction fee for the Ethereum network spiked above $30, which is the highest since the Terra ecosystem collapse in early May 2022.As covered by U.Today previously, the global crypto community is captivated by the euphoria around new meme coins led by Pepe , a frog coin launched three weeks ago.
In just 20 days, it rallied by over 10,000%. However, its Binance listing might be interpreted as the top of its price movement. In the last 24 hours, PEPE lost over 25% on major exchanges.
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