Meme coins, featuring beloved animals like cats and dogs, have become a recognizable presence in the cryptocurrency industry. Among them, Pepe Coin has recently entered the scene and garnered considerable attention due to its remarkable price performance. Those who invested in Pepe Coin early have seen significant returns, ranging from hundreds to millions of dollars.
On May 5, 2023, PEPE reached an all-time high of $0.000004354. This surge in price has not only benefited investors but also proved profitable for Ethereum network validators.
Pepe Coin surge makes Ethereum validators rich
According to data from the MEV Boost dashboard, validators experienced notable revenue during the recent surge in meme coin trading, which was comparable to the revenue generated during the collapse of the FTX exchange.
On May 6, the total revenue from MEV (Maximal Extractable Value) was recorded as 549.05 ETH, accompanied by 2,457.73 ETH in gas fees, resulting in a combined total of 3,006.78 ETH (equivalent to approximately $5.6 million based on current prices). Similarly, during the FTX collapse on November 9, MEV revenue amounted to 2,505.69 ETH, accompanied by 1,423.99 ETH in gas fees, resulting in total revenue of 3,929.68 ETH (approximately $6.1 million).
Despite the significant returns that investors enjoyed from Pepe Coin last week, the situation has taken a negative turn. According to CoinMarketCap data, PEPE has experienced a 35% decrease in value over the past 24 hours. Furthermore, the trending meme coin has dropped by nearly 58% from its recent all-time high reached just three days ago.