- Ethereum jumped by around 7% overnight and reached $2,000 on some crypto exchanges.
- This may be due to increased burning of ETH as gas for memecoin transactions.
- PEPE has now reached the $1.5 billion market capitalization milestone.
Ethereum (ETH) made an overnight pump and is the highest gainer among the top 10 cryptocurrencies by market capitalization, leaving even Bitcoin (BTC) in the dust.
Specifically, ETH has witnessed an increase of almost 7% in just a matter of minutes and is stable in price for now. At the time of writing, ETH is changing hands at $1,995.78, according to CoinMarketCap. However, crypto exchanges like Bybit saw ETH trade just above the $2K mark.
There may be a variety of factors leading to an ether buying spree, although the most notable is ETH being used as gas for memecoin transactions on decentralized exchanges (DEXs). In fact, according to a Twitter post, 21% of the total amount of ETH burned since its Proof of Stake (PoS) transition happened just around a week ago.
The numbers must have increased further, as this tweet was over a day old. Given Pepe’s (PEPE) recent listing on Binance and other major exchanges, traders must have either hoarded or burned more ETH. Real-time data about ETH burned as gas can be found here.
Meanwhile, PEPE is now occupying the 40th spot in all cryptocurrencies in terms of market capitalization. Yesterday, PEPE was only on a $700 million market cap but at the time of writing, the frog-based memecoin has already reached $1.5 billion in market cap.
