The Ethereum MEV bot has been busy going through the gas as it pumps out obscure memecoins like PEPE and WOJAK.
The “jaredfromsubway.eth” MEV bot has spent over $1 million in gas in the past 24 hours.
According to Dune Analytics, it accounted for nearly 8% of all gas spending over the past day. As a result of the grid’s increased activity, gas prices have skyrocketed for the rest of us.
At the time of writing, the MEV bot has spent 522.7 ETH in fees estimated at around $1.09 million.
Furthermore, the MEV bot has spent over 1,183 ETH worth $2.4 million over the past week. The monthly Ethereum gas usage is $5.3 million which makes Title Highest gas guzzler.
Increased MEV bot activity
Maximum Extractable Value (formerly known as miner), or MEV, is a forward process where a bot discovers potentially profitable transactions in a memory pool.
Usually, transactions are simply regulated by transaction fees. The higher the fee, the higher the processing list in which the transaction is placed. The MEV bot can access the transaction data in the mempool (transaction waiting room) and arbitrage or pre-run it to extract the most profit.
This MEV bot appears to “attack” many low-value altcoins, such as male By DeFi researcher “SeaLaunch_.” The researcher has published a list of altcoins that the bot has been attacking recently.
A sandwich attack is a malicious type of front-end operation that is often used to manipulate cryptocurrency prices. As a result, the prices of some of these already obscure tokens have skyrocketed.
Furthermore, the price of Ethereum Gas has increased over the past 24 hours. According to Etherscan, average network fees have jumped 140% since the weekend.
The price of the mysterious PEPE token has pumped over 200% as a result of the attack. PEPE is another memecoin that does not have a purpose or any notable function.
Cryptocurrency trader Satoshi Flipper comment:
“You only see that kind of thing during the ALT season, so I would expect a nice little spillover effect of momentum + demand in other ALTS.”
Another seemingly useless memecoin that is up almost 80% today is WOJAK.
Despite the high cost of gas, the MEV robot seems to have benefited from these two memecoins at least.
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