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PEPE, SHIB Frenzy Benefits Ether (ETH) Price but Makes Ethereum ‘Unusable’ for Many, IntoTheBlock Says

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Fees on layer 2s, designed to scale the Ethereum network, also surged, with transactions costing as much as $1 on Arbitrum, the highest since 2022, the report said. This issue has a quick fix though with the Dencun upgrade coming up next week, which is expected to lower transaction costs on layer 2s to cents.

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