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The digital currency space is still a relatively new industry, but it has already seen a number of record-breaking transactions. A trader recently made waves by spending 64 ETH, or roughly $118,000 on gas fees, to acquire nearly $155,000 worth of a meme-based coin named Four (FOUR).
According to Whale Alert, a blockchain monitoring platform, the trader exchanged 84 Wrapped Ether (WETH) for a whopping 13.8 billion FOUR tokens, spending $119,157. The trader opted to pay a higher gas fee to ensure that the transaction was completed as quickly as possible.
A Twitter user known as FlurETH claimed that the trader is currently sitting on an unrealized profit of $245,667 from their investment.
Sassal, an independent Ethereum educator, elaborated on the differences between Bitcoin and Ethereum network gas fees. He tweeted, "Arbitrum One, an Ethereum layer 2 network, just did more daily fee revenue than Bitcoin. Not to mention that Ethereum itself did more than 28 times the fee revenue of Bitcoin in the same time period."
Ethereum gas fees have been a concern in the cryptocurrency community, with supporters praising their ability to generate revenue and put long-term pressure on Ether supply. However, critics argue that unless gas fees become more cost-effective, Ethereum adoption will never be widespread.
One significant factor contributing to the surge in Ethereum gas fees is the frenzy surrounding meme coins. Pepe (PEPE), for example, has driven a substantial increase in Ethereum network activity and contributed to rising fees. The current average Ethereum transaction fee is $22.98, the highest level seen since May 12, 2022, when the average fee hit a record $31.11.
This recent transaction only further highlights the unpredictable and potentially lucrative nature of cryptocurrency investment. While some may question the price tag of the transaction, others may see it as a shrewd business move with the potential for significant returns.
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