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Ethereum Gas Fees Soar as Mysterious Bot Takes Center Stage

source-logo  coinspress.com 19 April 2023 22:00, UTC

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

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.

coinspress.com