A single trader has spent $118,000 in Ether (ETH) gas fees to purchase a memecoin called Four (FOUR) on the Ethereum network. The trader bought $155,000 worth of FOUR tokens through a Uniswap trade, involving the exchange of 84 Wrapped Ether (WETH) for 13.8 billion FOUR tokens. By increasing the gas fee, the trader managed to speed up the transaction time and reportedly earned 133 ETH ($245,667) in unrealized profits on their memecoin investment.
However, the significant rise in gas fees has raised concerns about whether it is sustainable for mass adoption. The Ethereum network has been facing criticism for its high gas fees, which have been increasing due to the rise in network activity. While some supporters praise the heightened activity for its revenue-generating effects and long-term deflationary pressure on the supply of Ether, others argue that it hinders mass adoption.
If Ethereum remains unaffordable, it is unlikely to achieve mass adoption. It remains to be seen how the Ethereum network will address this issue and whether it can provide a sustainable solution for the future.