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Besides Ethereum, Bitcoins meme frenzy via Ordinals has steeply declined from its high in May. 649 Total views 3 Total shares Listen to article 0:00 News Join us on social networksThe average gas fee transaction fee on the Ethereum network has cooled substantially in the first week of June after reaching a multimonth high in May, owing to the memecoin frenzy and much maximal extractable value (MEV) bot activities.

The average gas fee has decreased to $7.34, an almost one-third drop from last months high of $20. In terms of gwei a denomination of Ether (ETH) that represents one-billionth of one ETH the daily median gas price has decreased to 24 gwei from a peak of almost 140 gwei last month, according to Dune Analytics.Average gas fees on Ethereum in the past six months. Source: Dune Analytics

The memecoin frenzy started in late April and took center stage in May, leading to multiple new memecoins hitting the markets, such as Aped (APED), Bobo Coin (BOBO) and others. The dominance of memecoins in network activity was so high that it created an unusual shift in the top 10 gas-burning altcoins. Instead of ETH, Wrapped Ether (WETH), or Tether (USDT), memecoins such as Troll (TROLL), APED and BOBO became the top 10 spenders.

?? A highly unusual shift in top 10 gas burning #altcoins has emerged today. Instead of $ETH, $WETH, and $USDT being at the top of the fee distribution list, we're seeing new assets like $TROLL, $APED, and $BOBO among them. Read our latest deep dive. https://t.co/7SlmJ59k2m pic.twitter.com/Y2kaLKZTrL— Santiment (@santimentfeed) April 19, 2023

Another prominent reason for the rise in the Ethereum gas fees was the surging popularity of memecoins on decentralized platforms, with mainstream centralized exchanges taking longer to list them.

May was not just about the Ethereum memecoin frenzy; Bitcoin Ordinals also gained significant popularity. Ordinals enable decentralized storage of digital art on the Bitcoin blockchain. As a result, the Bitcoin network registered many new memecoins, with Pepecoin (PEPE) achieving a billion-dollar market capitalization.

Related:Bitcoin metrics to the moon: ATH for hash rate, daily transactions and Ordinals

Ordinals were introduced in January, and by the end of May, the number of Ordinal inscriptions on the Bitcoin blockchain had surpassed 10 million. Total fees paid for Ordinals inscriptions rose 700% in May to currently sit at 1,639 Bitcoin (BTC).Total Ordinals inscriptions on the Bitcoin network. Source: Dune Analytics

With the memecoin frenzy dying down, Ethereum gas fees have cooled, and Ordinals inscriptions have also decreased significantly.

Magazine: Ordinals turned Bitcoin into a worse version of Ethereum: Can we fix it?# Bitcoin # Ethereum # Transactions # Fees # Bitcoin Ordinals # Memecoin

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Schmidt’s 7 hitless innings help Yanks blank O’s

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Schmidt's 7 hitless innings help Yanks blank O's

NEW YORK — Clarke Schmidt pitched seven hitless innings and the New York Yankees held the Baltimore Orioles to one hit in a 9-0 rout on Saturday.

JT Brubaker gave up a single to Gary Sánchez to open the eighth for the Orioles’ only hit.

Schmidt (4-3) was bidding to throw New York’s first no-hitter since Domingo German threw the Yankees’ major league-leading fourth perfect game on June 28, 2023. The Yankees had not thrown a no-hitter at home since David Cone’s perfect game on July 18, 1999, against the Montreal Expos.

Baltimore was nearly no-hit for the first time since Aug. 12, 2015, in Seattle by Hisashi Iwakuma.

Schmidt struck out five and issued both walks in the first inning when he threw 27 pitches. The right-hander threw first pitch strikes to 16 of 24 hitters and exited after tying his career high of 103 pitches.

After consecutive walks to Jordan Westburg and Gunnar Henderson, Schmidt struck out Ryan O’Hearn and retired Ramon Laureano to end the first. He permitted one other runner the rest of the way.

Schmidt exited after throwing 21 pitches in the seventh. Brubaker allowed a two-strike single to Sánchez and some in the crowd of 46,142 lightly booed.

Brubaker pitched the final two innings to finish New York’s second one-hitter this season.

Trent Grisham, JC Escarra, Ben Rice and Anthony Volpe hit solo homers as the Yankees finished with 14 hits and won for the second time in nine games.

Volpe finished with three hits after going hitless in his previous 25 at-bats, raising his average eight points to .236. It was the shortstop’s third three-hit game this season and first since May 24 in Colorado.

Baltimore’s Zach Eflin (6-4) allowed six runs and 10 hits in three innings.

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Red Sox shut down Crawford due to wrist injury

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Red Sox shut down Crawford due to wrist injury

SAN FRANCISCO — The Boston Red Sox are pausing pitcher Kutter Crawford‘s rehab due to a wrist injury, according to manager Alex Cora.

Crawford, 29, hasn’t pitched in a game this season due to knee and wrist issues. He threw his second bullpen session of the week Friday in the hopes of progressing to a rehab assignment but suffered a setback with the wrist.

The right-hander is set to fly to Boston for further testing in the coming days.

“He wasn’t able to generate velocity,” Cora said Saturday morning. “That’s a concern.”

Crawford made a league-high 33 starts last season, compiling 183⅔ innings, but a lingering knee issue prevented him from starting the year healthy. That was followed by wrist pain, leading to him being shut down.

“We’ll know more next week,” Cora said.

Meanwhile, newly acquired pitcher Jordan Hicks (toe) will begin a rehab assignment with Triple-A Worcester on Sunday, and third baseman Alex Bregman (quad) is also progressing.

“[Saturday] was a big day for him,” Cora said.

Cora indicated Bregman tends to say he’s further along than might be true, so the team will confer with doctors while also listening to the player in terms of when he’s ready to return.

“We always compare him to Dustin [Pedroia],” Cora said with a smile. “If Dustin said 80%, I’d say it was 65%. “But he’s [Bregman] feeling better. He’s excited about everything going on here. Just eager to come back.”

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Braves place P Sale on IL with fractured rib cage

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Braves place P Sale on IL with fractured rib cage

MIAMI — The Atlanta Braves placed reigning NL Cy Young Award winner Chris Sale on the 15-day injured list Saturday because of a fractured left rib cage.

“He was doing his exercises [Friday] and felt like something wasn’t right,” manager Brian Snitker said before the Braves’ 7-0 win Saturday against the Miami Marlins. “So they had him looked at, and it showed what it showed.”

In his previous start, against the New York Mets on Wednesday, Sale sprinted off the mound and made a diving stop of a grounder hit by Juan Soto and threw him out for the first out in the ninth. He then struck out Pete Alonso and was lifted after allowing a single to Brandon Nimmo.

“It’s just a freak thing. An unfortunate thing,” Snitker said. “I saw him after the game that night and he was doing his postgame workout. And then I saw him the next day and I think he maybe felt a little uncomfortable the next day. But then [Friday] is when he wanted to get it checked out.”

Sale is 5-4 and has a 2.52 ERA through 15 starts this season. The 36-year-old left-hander threw a season-high 116 pitches in 8⅔ innings against the Mets.

“It’s a tough blow for us and him,” Snitker said. “It was going so good. That’s a rough one.”

After six seasons with the Boston Red Sox, Sale was traded to the Braves in December 2023. Sale won the pitching Triple Crown in his first season in Atlanta, finishing with an NL high in wins (18) and strikeouts (225) and a league-low ERA of 2.38.

Snitker doesn’t have a timeline for when his star pitcher will return.

“With bones like that, they’ve got to heal before you can start the process, but I have no idea how long it will be,” he said.

The Braves are 35-40 and 10.5 games behind NL East-leading Philadelphia. They’ve won seven of eight, including a three-game series sweep against the Mets earlier this week.

In the corresponding move retroactive to Thursday, the Braves recalled left-handed pitcher Austin Cox from Triple-A Gwinnett.

Information from The Associated Press was used in this report.

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