The launch of meme coin Pepecoin (PEPE) has contributed to a surge in demand for the Ethereum network, driving up transaction costs. The daily median gas price hit a 12-month high of 87 gwei, increasing more than 50% since the launch of PEPE on April 18. The pepecoin frenzy has even made Uniswap's pepecoin-wrapped ether liquidity pools the most active liquidity pool by the number of transactions. The coin's market capitalization surpassed $500 million within three weeks of launch. Similar frenzied activity has been seen in other smaller coins, such as CHAD, 4TOKEN, and DINO.

(By Omkar Godbole)