PEPE, SHIB Frenzy Benefits Ether (ETH) Price but Makes Ethereum ‘Unusable’ for Many, IntoTheBlock Says

Fees on layer 2s, designed to scale the Ethereum network, also surged, with transactions costing as much as $1 on Arbitrum, the highest since 2022, the report said. This issue has a quick fix though with the Dencun upgrade coming up next week, which is expected to lower transaction costs on layer 2s to cents.