MASSIVE SPIKE IN ETHEREUM GAS FEES

At one point this week, the greed chart showed 69. You should know that a 69 reading is very far away from the insane bull market high we saw back in 2021 but still a very big spike considering where we are right now and saying that things were kind of getting just a bit silly in the market is what that was showing us. Nothing highlights that more than the Pepe coin which is a meme coin using Pepe the frog as the logo. A week ago, that had a marketcap under 10 thousand dollars but this week it surged to over a hundred million dollars. Salute to the degenerate ape out there who bought $200 of the Pepe a few days ago and is now sitting on two million dollars, that is like winning a lottery.

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Turning $200 buck into $2 million is the meme coin dream, that is the allure of memes because everybody wants to have the lottery-winning moment. But this kind of irrational market greed over useless memes has signaled that we need to take a bit of slow down, maybe a time to cool off just a little bit. Even maybe the greed was just getting out of hand in these early stages of a new Bitcoin market cycle. Maybe it is time to consolidate things a little bit here. An interesting thing to note with Ethereum insane spike in Ethereum gas fees. Once again it is costing 20 to 30 dollars just to make a swap on Uniswap or to bridge money over to a layer 2 network.

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They compared this to the 50 or 60 cents when using something like Ethereum layer 2 Arbitrum. Right now, no validator has existed Ethereum staking during the first day we saw a lot of validators unstaking. That was almost exclusively the Kraken exchange, they unstaked a bunch of ETH because the SEC forced them to shut down their staking service. There is a load of deposits streaming into the Ethereum staking contract and we have some people claiming their staking rewards which is normal. The market remains broadly bullish on Ethereum and the people who have been staking their ETH remain bullish on ETH.