According to U.Today, the Ethereum (ETH) blockchain ecosystem is experiencing a resurgence in meme coin trading, potentially shifting the focus away from the Solana (SOL) platform. A trade highlighted by crypto analytics platform Lookonchain showed a trader making a 69,300% gain, sparking renewed interest in the Ethereum ecosystem. The trader turned $9,000 into $6.27 million in just one month, a gain of 693 times. The meme coin traded was $APU, with the trader using 2.385 ETH to purchase 8.36 billion APU between March 11 and March 24. During this period, the price of the meme coin significantly increased, resulting in substantial gains for the trader.
The trader is reportedly still holding a large portion of the token, indicating confidence in the meme coin. Over the past year, high gas fees on Ethereum have led many traders to switch to Solana. However, with Solana currently experiencing congestion due to heavy traffic, Ethereum is regaining appeal as a viable platform for meme coin trading. Whether this trend will become mainstream is a topic of ongoing speculation within the ecosystem.
Despite the success of the APU trader, it's important to note that such high returns are not guaranteed for all traders. Ethereum's high transaction fees remain a challenge, but the recently launched Dencun Upgrade has made its layer-2 scaling solutions more affordable. This has made Ethereum L2 protocols like Polygon (MATIC), zkSync, Arbitrum (ARB), Optimism (OP), and Base more attractive for meme coin trading. As Solana continues to address its traffic issues, the Ethereum ecosystem appears well-positioned to capitalize on the resurgence of meme coin trading.
