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Ethereum Fees Spike as Meme Coin Frenzy Returns; PEPE, HarryPotterObamaSonic10Inu, SPX6900 Pop 40%
The rising gas fees suggest increased network usage.
A market-wide recovery led by bitcoin briefly crossing $35,000 on Tuesday may have reinvigorated a risk-on sentiment among meme coin traders – who typically bet on tokens with a strong social draw rather than their inherent technology.
Ethereum gas fees spiked from 9 gwei to over 45 gwei in the same period, indicating strong block demand. Gwei is a small unit of ether equal to one-billionth of an ETH.
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Gas refers to the fees Ethereum users pay to ensure their transactions are included in the earliest block by network validators. These validators are incentivized to include transactions that pay the highest fees instead of a first-come-first-serve basis – meaning fees on popular tokens can often run to thousands of dollars.
Some of this year’s most popular meme coins, such as pepecoin (PEPE), zoomed as much as 40% in the past 24 hours, showing signs of an on-chain trading frenzy. Elsewhere, HarryPotterObamaSonic10Inu (which trades with a BITCOIN ticker) rose 39%, while jumped as much as 25%.
The tickers of these tokens mimic bitcoin and the U.S. stock index S&P500 but have a combined market capitalization of over $120 million – showing the strong draw that jokes have in some parts of the crypto market.
Historically, speculative mania in non-serious cryptocurrencies has presaged major market tops or bearish reversals in bitcoin, which sits over $34,000 in European morning hours on the back of favorable developments in the proposed spot bitcoin ETF filing in the U.S.
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- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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