Memecoin Explosion Results In Rocketing $ETH Gas Fees, $GFOX Passes $4.4 Million

Over the last few weeks, meme coins have been the top-performing assets, sparking a frenzy in the crypto market. The likes of Pepe, Shiba Inu, and Floki led the rally as the best meme coins to buy. 

However, amidst the surge in activity,  IntoTheBlock analysts reported that the cost of $ETH gas fees jumped to a 2-year high. On the positive side,  Galaxy Fox ($GFOX), one of new meme coins to buy, has raised over $4.6 million amidst growing community support. 


Meme Coin Frenzy Drives Ethereum Gas Fees To 2-Year High

The meme coin market has recorded a major price explosion, causing the market cap to rise above $62 billion. Meme coins on the Ethereum network were at the center of the rally, with Pepe ($PEPE), Shiba Inu ($SHIB), and Floki ($FLOKI) recording massive gains.

On the weekly chart, $Floki has increased by 105% while $PEPE is up by over 50%. Along with the price increases came significant token burning and transactions. Because these are ERC20 coins based on the Ethereum network, their increased activity caused the ETH gas fee to skyrocket to a 2-year high. 

While the frenzy benefited traders and investors, the average transaction costs (gas fees) on the Ethereum blockchain rose as high as $28 this week. According to IntoTheBlock, the high gas fee made the Ethereum network unusable for many users. 

Similarly,  the transaction costs on Ethereum layer-2 networks were also up, reaching $1 on Arbitrum. While ETH hasn’t seen as many parabolic gains as these top meme coins to buy, it has been one of the best altcoins, rising by 35% over the last 30 days, despite this most recent market pull-back. Meanwhile, one of the altcoins to watch for bigger gains is Galaxy Fox.


Galaxy Fox ($GFOX) Crosses $4.6 Million on Growing Investor Support 

Amidst the bullish display by meme coins, Galaxy Fox ($GFOX) has emerged as the best ICO crypto. The new project has received tremendous support from the crypto community, who have contributed to raising over $4.6 million for its development and launch.

The attention Galaxy Fox has drawn has been due to its unique ecosystem that combines GameFi, meme coins, and NFTs into one. Both GameFi and NFTs are two of the fastest-growing sectors within the crypto world, which makes $GFOX appealing as a meme coin.

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Galaxy Fox has introduced an immersive virtual world inhabited by unique fox characters. The world is filled with excitement, and every fox belongs to a player, and together they will traverse through many different such worlds. GFOX token holders will have the opportunity to test their skills in thrilling challenges and win actual cash.

Furthermore, $GFOX came with several other enhancements, one of these improvements being a deflationary model. In contrast to the majority of meme coins, $GFOX tokens will only have a total supply of 5 billion. In addition, it is designed with systematic token-burning characteristics to decrease the number of tokens in circulation every day.

These qualities are the reasons why $GFOX is ranked as one of the best meme coins to buy in 2024. In its ninth Presale stage, the current price of Galaxy Fox is $0.002376, with the prediction for a parabolic move like that of $SHIB and $PEPE. Nonetheless, due to its usefulness, Galaxy Fox is considered a good crypto to buy long-term returns.

Closing Thoughts

The recent spike in network activity points to the continuous development of the meme coin market. After months of substantial increases, other earlier ones like Shiba Inu and Pepe, among others, Galaxy Fox has emerged as a potential future leader. GFOX, due to its utility and rapidly expanding network, is one of the best meme coins to buy now for those looking to score maximum returns in this year’s meme-driven bull-market.

Learn more about Galaxy Fox ($GFOX) here:

Visit Galaxy Fox Presale | Join The Telegram Group | Follow Galaxy Fox on Twitter 

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.