Ethereum Gas Fees Soar as Mysterious Bot Takes Center Stage
As per data from Dune Analytics, the MEV bot named "jaredfromsubway.eth" has contributed to 7.26% of the total gas spent on the Ethereum network in the past 24 hours.
The bot has spent 560.08 ETH, which amounts to $1.1 million in gas fees over the same period.
The bot has been responsible for around 4.5% of gas fees in the past week, equivalent to $2.5 million spent on the blockchain network. The top gas spenders list on Etherscan also supports this information.
Notably, the bot’s gas spending is more than the ETH layer2 networks such as Arbitrum and Optimism.
According to Sealunch, a research firm on NFT data, the bot has spent more than 3.720 ETH ($7M) in gas fees and executed over 180,000 transactions in the last two months.
A MEV bot is eating your lunch.
jaredfromsubway.eth MEV bot is the top gas ETH spender in the last 24H, spending 455ETH ($950k) and using 7% of total gas of the network
In the last 2 months it spent more than 3.720ETH ($7M) in gas fees and performed more than 180k transactions pic.twitter.com/IGMJY7skkq
— sealaunch.xyz (@sealaunch_) April 18, 2023
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Sealunch also mentioned that the majority of the bot’s transactions are sandwich attacks targeted toward traders dealing with low-cap tokens like PEPE, BONZI, and WOJAK.
These attacks are utilized to gain profits by front-running unsuspecting users’ transactions. Additionally, the bot’s transactions have resulted in increased ETH gas fees, as reported by analyst Hildobby.
Ultrasound.money data shows that the network’s base fees have fluctuated from under 20 gwei on April 12 to as high as 146.82 GWEI on April 19.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
