Memecoins Resurgence Drives Up Ethereum Gas Fees to 12-Month High

Memecoins, created as a joke or a parody of established cryptocurrencies, have gained significant popularity in recent years due to social media and online communities. The well-known meme coin Dogecoin, which was created in 2013 and based on the Shiba Inu dog meme, saw its value soar over 6,000% in 2021 and briefly surpassed the market capitalization of some of the world’s largest companies. Other popular memecoins include Shiba Inu and SafeMoon.