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MEV Bot Drains Over $1M in Gas Fees as Ethereum’s Memecoin Craze Continues

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Ethereum MEV Bot Feasts on Gas as Memecoin Craze Takes Hold

An Ethereum MEV bot has been busy pumping obscure memecoins, such as PEPE and WOJAK, and churning through the gas in the process. The bot, known as ‘jaredfromsubway.eth,’ spent over $1 million in gas in the past 24 hours, accounting for almost 8% of the total gas spending over that period.

This has caused gas prices to increase for regular users. The bot has spent over 1,183 ETH, worth $2.4 million, in the past week, making it the top gas guzzler with a monthly Ethereum gas usage of $5.3 million.

The bot uses Maximal (formerly Miner) Extractable Value (MEV) to front-run transactions in the mempool, detecting potentially profitable transactions and arbitraging them to extract the most profit.

This particular MEV bot appears to be “sandwich attacking” several low-cap altcoins, as reported by DeFi researcher “SeaLaunch_.” The researcher posted a list of the altcoins that the bot had been attacking recently.

Sandwich attacks are malicious front-running tactics often used to manipulate crypto token prices, resulting in pumped prices for some of these obscure tokens.

Ethereum gas prices have increased by 140% since the weekend, as per Etherscan, causing concerns for regular users who may have to pay higher fees for their transactions.

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