Ethereum's Astronomical Gas Fees || Proof Of Stake And Meme Tokens.

The crazy gas price on ETH seems to be raising concerns and getting on everyone one's nerves especially my friend @abdex9 who couldn't buy into a really enticing meme token because of the exorbitant gas price which would have led to him losing about half the money he wanted to use for the purchase. This high gas fees isn't restricted to meme tokens purchase alone as even minting of NFTs or signing NFT contracts also have pretty high gas fees we've not seen in so many months but all it appears the surge of meme tokens is the cause of the spike in gas fees.

source

Before the Ethereum merge which resulted in Ethereum moving from PoW(Proof of Work) to PoS (Proof of Stake), I had the mindset that the transition would make the gas price on ETH become extremely, but that isnt the case as the sole purpose of the merge was to ensure that ETH complies with environmental standards/ being more eco friendly plus allowing the network have a more dependable consensus.

The meme tokens are obviously a huge part of crypto but they do have their negative impacts on the industry and that's their effects on gas fees asides the reputation they seem to give the crypto industry. While ofcourse many people are making some really good money from them, it's going to be a serious problem in the bull market when memetokens will be basically everywhere and this has led to a major concern. The major concern of the crypto community wuth respect to gas fees right now is that, we are still pretty far from the peak of the next bull market and the gas fees are already a problem, so what would happen in the bull market when it is certain that gas fees are going to be indeed crazy.

Thankfully, most of my activities lately are on Hive where gas fees are so low, and since I'm not very big on memecoins right now, I really don't feel the effect. However, as an NFT artist, this would be a big problem for me in the bull market and I may as well just start minting whatever I want to mint now before things gets too crazy