The joke-themed cryptocurrency PEPE witnessed an astronomical rise after being listed on major exchanges.
According to the data of the Gate.io exchange, mem coin has gained approximately 650% in value recently, excluding the first minutes of its listing.
Even though lucky investors got big returns from the prank-themed cryptocurrency, the bullish situation also worked for ETH validators. As PEPE coin runs on the Ethereum network, validators have gained significant passive income from increased network activity.
Staking Revenues Increased!
The website mevboost, which tracks gas fees and revenues on the ETH network, revealed a significant increase in verification revenues after PEPE was listed on the Binance exchange over the weekend.
The revenue generated by MEV-Boost validators on May 6, 2023 was recorded as 3,006 Ethereum (approximately $5.6 million). This figure means that the amount that validators earned has converged again with what it was before the FTX crash in November 2022.
Ethereum researcher Toni Wahrstätter commented on the increase in revenue:
“Users willing to pay higher fees on cryptocurrency networks are the main reason for the increase in revenues of stakers performing verification transactions.”