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Ethereum ($ETH) Validators Earn $46 Million in a Week Thanks to Meme Coin Frenzy

Ethereum validators’ revenues increased significantly to $46 million in the first week of May, owing partly to an increase in the staking rewards rate. The result reflects a 40% increase over the previous week’s revenues of $33 million when incentives totaled 18,3339 $ETH.

According to accessible statistics, Ethereum network validators who helped protect the network via its Proof-of-Stake consensus process earned a hefty 24,997 Ether during the past week. This windfall was partly due to the craze for trading Pepe (PEPE), a new meme-themed digital currency. The rising popularity of this token has caused average Ethereum network fees to exceed 100 gwei, a level not seen since May of last year.

As a result, end users are now paying more than $30 per transaction exchange, resulting in 

larger fee income for validators who receive money from both processing transactions and regular validator incentives.

Validators, who participate in the network’s consensus method, must stake a minimum of 32 ETH, which is now worth over $58,000. It is feasible to stake less than the needed 32 ETH using services provided by centralized exchanges such as Coinbase or Kraken, or liquid staking alternatives such as Lido.

As reported earlier this month, Ethereum staking rewards attained an annual yield of 8.6%, a new record that was partly owing to a strong increase in on-chain gas fees driven by the ongoing memecoin trade trend.

PEPE, a popular meme coin inspired by the notorious meme and cartoon character Pepe the Frog, has risen to the top 100 digital assets by market capitalization in less than a month.

Three crypto whales recently invested roughly $4 million in the meme-based cryptocurrency $PEPE coin, despite the digital asset’s dropping value, in a display of high-stakes speculation.

Previously, a lucky cryptocurrency investor appeared to have turned a 0.125 ETH investment in PEPE into a whopping $1.14 million in just a few days by purchasing in at the correct time.

 

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