ETH MEV Bot Spends $2M On Gas Fees To Execute Sandwich Attacks

• Jaredfromsubway.eth spent over $2 million in Ethereum network fees executing sandwich attacks.
• Ethereum transaction fees have skyrocketed to over $10 from last week’s $1.
• Jaredfromsubway.eth spent 7% of all fees on the ETH network in past 24 hours.

Crypto experts report that sandwich bots are leading the way for investors on newly-launched memecoins like pepe (PEPE) and chad (CHAD). While these memecoins have no inherent worth, they have gained popularity among Crypto Twitter enthusiasts almost instantly, resulting in an astonishing surge of over 10,000% for these tokens.

A wallet called “Jaredfromsubway.eth,” which is believed to be a reference to the popular sandwich chain, has spent more than $2 million in Ethereum network fees in the last week to execute sandwich attacks on low-cap token traders.

As a result, the fees for the entire network have skyrocketed, as shown by data from Dune Analytics. As of Wednesday morning in Asia, each Ethereum transaction costs over $10, a tenfold increase from last week’s level of $1.

For context, a sandwich attack occurs when a user’s transaction is sandwiched between …

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