In the world of digital currencies, animal coins have become a hot topic. Recently, an unprecedented event occurred on the Ethereum network. Animal currency transactions flooded in, causing congestion on the Ethereum network and soaring handling fees. What's more, the handling fee for the last transaction on Uniswap was as high as 300. Dollar! This record-breaking number is shocking and triggers deep thinking about the cryptocurrency market.

The Animal Coin craze has swept across, the Ethereum network has become congested, and handling fees have been rising. On this information highway, animal coins race like crazy vehicles, plunging the entire network into chaos. Ethereum, as a giant smart contract platform, is facing huge challenges. How to balance the scalability and security of the network has become an important issue before Ethereum.

Uniswap, as a leader in decentralized trading platforms, has also been affected by the craze of animal coins. One transaction actually charges a handling fee of more than $300, which seems beyond people's imagination. This number makes people start to think about what the future of the digital currency market will be like. Will soaring handling fees become a stumbling block to the development of digital currencies? How should Uniswap deal with this challenge? These issues are worthy of our in-depth discussion.

In this animal currency craze, people have seen the prosperity of the digital currency market and also seen various problems in it. As investors, we need to look at this market more rationally, not to be blinded by short-term interests, but to examine the development of digital currencies from a longer-term perspective. Only in this way can we better seize opportunities, avoid risks, and realize the appreciation of wealth.

Animal Coin exploded in Ethereum, handling fees hit a new high, and Uniswap transaction fees soared to $300. This incident undoubtedly sounded the alarm for us. The digital currency market is vast, with opportunities and challenges coexisting. Only by keeping a clear head and maintaining rational thinking can we remain invincible in this market full of variables. Let us discuss together, grow together, and witness the future of the digital currency market together!

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According to data from BitInfoCharts and Blockchair, the average transaction cost of Ethereum has soared to $67.58, a record high, far exceeding the peak of $42 in February. The culprit behind the transaction congestion may be the recently popular meme currency.

Ethereum transaction congestion is nothing new. As early as last summer when DeFi first set off a trend in the blockchain world, Ethereum has suffered from network congestion and Gas.
Fees have skyrocketed since then, causing most of Ethereum’s traffic to be taken away by the later emerging smart chain (BSC).

It was not until the past month that Ethereum's network congestion was relieved under the influence of Flashbots before and after the Berlin hard fork upgrade. According to Etherscan data, Ethereum Gas
Price has generally remained below 100Gwei in the past month, with the average price falling around 40~70Gwei.

Unfortunately, this phenomenon did not last long.

Referring to data from BitInfoCharts and Blockchair, the average transaction cost of Ethereum has continued to soar in recent days and has now reached a new high of $67.58. According to Gas
Now data shows that Ethereum’s Gas Price has reached over 300 Gwei. According to actual testing, a transaction on Uniswap costs at least about $300.

The rise of meme coins

The reason for the congestion in Ethereum this time is mainly due to the rise of dog coins such as Shiba Inu Coin.

Dogecoin in Tesla founder Elon Musk
It has been rising all the way due to the vigorous promotion of Musk, and reached its peak last week when Musk appeared on the famous American program "Saturday Night Live" (SNL), which triggered an amazing herd effect and led to the Shiba Inu Coin, a derivative series of Dogecoin. , Akita Inu coins, and Satsuma coins all rose.

According to Larry, director of research at The Block
Cermak tweeted that last weekend, 5 of the top ten trading pairs on Uniswap were related to canine meme coins, including Shiba Inu Coin, Akita Inu Coin, and even Elon Coin (ELON). The total volume reached an astonishing US$1.55 billion, almost equivalent to Uniswap’s average daily trading volume.

In the past month, Shiba Inu Coin has increased by an exaggerated 36,585.89%. In view of the huge success of Shiba Inu Coin, Ethereum is now flooded with animal coins created according to the ERC-20 standard, just like the proliferation of food coins during the DeFi craze last year, and the sense of immediacy of the ICO craze in 2017.

Considering the congestion of the Ethereum network, it will take some time for Ethereum 2.0 to be launched. Some Dapps have been quietly transferred to Layer
2. Or side chain networks such as Polygon, such as dYdX, Aave, Curve, etc.