Ethereum Fees Continue to Decline; Solana Fees Potentially Surpasses Ethereum’s Soon

Daily Top Performer — Pepe (PEPE)

The SPX index is down 0.02%, A report from the New York Federal Reserve showed an increase in short and long-term inflation expectations in April, influencing market sentiment. Investors are looking forward to the release of the Producer Price Index (PPI) data on Tuesday and the Consumer Price Index (CPI) report on Wednesday for more detailed inflation trends. Furthermore, retail sales figures and remarks from Fed Chair Jerome Powell are also anticipated. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 2.84% and 1.05%, respectively in the past 24 hours.

Today’s outperformer is PEPE, which jumped 10.0% after Roaring Kitty's Return Sparks Meme Coin Rally.

Pepe (PEPE), launched on April 2023, is a deflationary meme coin on the Ethereum blockchain, inspired by the Pepe the Frog meme. It aims to stand out as a meme-based digital asset with no taxes and no utility, emphasizing its unique connection to the Pepe the Frog character. In the last 24 hours, PEPE has climbed 2%, marking a 26% gain over the past two weeks and currently trades at $0.058771, outpacing other meme coins. In comparison, Dogecoin ($DOGE) increased by only 1.4% during the same timeframe. The Book of Meme ($BOME) token, with an 8.2% rise, was the closest to matching PEPE's performance. This surge in PEPE's value is attributed to the recent resurgence of "Roaring Kitty," which has reignited interest in the memecoin market.

Check Out the Latest Prices, Charts, and Data of 1000PEPEUSDT Perp and PEPE/USDT  Spot!

Talk of the Town:

Over the last week, DeFi experienced notable changes. Solana's transaction fees are increasing and could potentially surpass those of Ethereum soon, with its economic value approaching Ethereum's. Solana currently records daily fees of $1.49 million compared to Ethereum's $2.75 million. Additionally, a trader lost more than $1 million due to an unauthorized hard fork on the 0L Network. 

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Spot Bitcoin ETF Flows:

Last week, spot Bitcoin ETFs experienced $112 million in outflows, reflecting ongoing investor caution. Notable funds, including Grayscale Bitcoin Trust (GBTC) and BlackRock's iShares Bitcoin Trust (IBIT), saw substantial withdrawals. These outflows occurred after a temporary rally, with Bitcoin's price now at about $63,000, which is a 14% decrease from its peak in mid-March. Nonetheless, some analysts continue to be hopeful about the future uptake of Bitcoin and its associated ETFs despite these setbacks.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot!

Airdrop to Watch:

Holograph has revealed an airdrop with the snapshot period running from January 10, 8pm UTC to April 30, 12am UTC. To be eligible, users must accumulate over 250 XP in the Holograph app. The airdrop can be claimed on Bybit's ByStarter platform, which requires KYC verification. Eligible users have 10 days to link their address to the platform. For eligibility details, visit https://eligibility.holograph.foundation.