According to Santiment, the average Ethereum fee has soared to $14 in early May due to the Memcoin craze, such as PEPE, and has now normalized to $4. “The drop in transaction fees is a good sign of expanding adoption, accessibility, usability, and participation in the Ethereum network, as better economics lead to better utility,” Santiment explained. It also added that the share of Ethereum holdings on the cryptocurrency exchange fell to an all-time low of 9.9%.