Crypto traders pay astronomical prices to secure a high percentage of newly issued meme coins.

Data on-chain shows that a trader spent over 64 ethers (ETH) on fees to receive 84 ethers worth of four (FOUR), which is a meme token issued on the Ethereum Blockchain and likely based upon the Crypto Twitter Meme of “4”.

The trader paid over $120,000 for $156,000 worth FOUR tokens. Some sleuths have pointed out that this trader is only the second person to purchase FOUR tokens, and has an unrealized gain of almost $240,000.

Data from DEXTools shows that FOUR tokens saw $136 million worth of trading volume on their first day and had a market cap of $30 million by Tuesday.

Further on-chain data indicates that the top FOUR early buyers have profits between $240,000 and $2 million. This suggests why traders paid outrageously high fees to buy tokens.

Gas fees on Ethereum’s blockchain are extremely high because the current crypto-bull is more interested in jokes than fundamental plays.

Gas is ether that Ethereum users pay to network validators to include their transactions in the first block. These validators are incentivized to include transactions that pay the highest fees instead of a first-come-first-serve basis – meaning fees on popular tokens can often run to thousands of dollars.

Parikshit Miishra is the editor.