• Pepecoin is a deflationary meme coin that rewards long-term stakers and incentivizes holders, secured by Ethereum blockchain.
• Its popularity caused the median gas price to increase to more than 50% in the last 12 months, reaching 150 gwei.
• It has been disclosed that Pepecoin transactions are clogging up Ethereum’s gas network, leading to higher transaction fees.
What is Pepecoin?
Pepecoin is a deflationary meme coin that enhances the meme culture spread among communities similar to cryptocurrency. It rewards long-term stakers and incentivizes holders for longer periods to increase the chances of the coin’s success with its no-tax policy encouraging holders to boost Pepe since a wider audience can access and use it. The burning method of Pepe also helps maintain scarcity by frequently removing coins from circulation. Pepe is secured through the Ethereum blockchain by the PoS consensus mechanism, where decentralized validators stake ETH to secure the network and process transactions.
Impact on Ethereum Gas Prices
The pepecoin has surged in popularity since its launch in April, causing the median gas price to increase to more than 50% in the last 12 months, reaching 150 gwei (one gwei is a billionth of an ether). The demand for pepecoin has changed the network drastically, affecting even liquidity pools. It has been disclosed that Pepecoin transactions are clogging up Ethereum’s gas network, leading to higher transaction fees.
Advantages of Holding Pepecoins
Holders of pepecoins can benefit from increased scarcity due to its unique burning system which removes coins from circulation and increases its value over time. Additionally, holders have access to exclusive content related with their holdings as well as discounts when buying merchandise related with PepeCoin or other related products or services offered by Matt Furie himself or other companies associated with him such as Nifty Gateway or Rarible marketplace platform memberships and artworks featured on them.
How Can This Issue Be Resolved?
This issue could be resolved if developers start implementing second layer solutions like Plasma Cash or Optimistic Rollups which would allow for faster and cheaper transactions off-chain while still keeping data stored on-chain securely via smart contracts thus avoiding congesting Ethereum’s mainnet with lots of small transactions. Additionally, users should keep track of their own wallets spending patterns so they don’t end up spending too much money on gas fees due either malicious actors or simply carelessness when sending funds from one address another within same wallet service provider platform like Coinbase Wallet app or MetaMask browser extension etcetera..
Conclusion
Pepecoin is an innovative deflationary meme coin that offers benefits for both stakers and holders alike but it also shows how important it is for developers to find ways around scalability issues plaguing current blockchain networks lest they become congested and unusable due high costs associated with performing simple operations like sending funds from one address another within same wallet service provider platform..