One memecoin trade cost a consumer an additional 76% of their total purchase price in gas.
A single trader just spent a staggering 64 Ether — equivalent to $118,000 — in gas fees purchasing $155,000 worth of a memecoin called Four (FOUR).
A Uniswap trade that exchanged 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens required the lone trader to pay an astounding $119,157 in Ether, according to an update from the well-known blockchain tracking site Whale Alert.
It seems that the trader consciously increased their gas fee to shorten the time needed to complete the transaction to buy the memecoin. According to pseudonymous Twitter user FlurETH, the trader in question is sitting on 133 ETH ($245,667) in unrealized profit on their investment in the memecoin.
The Ethereum network’s gas costs have come under discussion in the cryptocurrency world, with a number of well-known Etheruem supporters hailing the increased activity for its revenue-generating impacts and long-term deflationary pressure on the supply of Ether.
Others have leveled criticism at the fees, claiming that unless the network becomes more “affordable” mass adoption will never be achieved.