The number of active deposits on the Ethereum network hit an 18-month high of over 20,000 on 21 May. The activity level is at its highest since November 2019. Blockchain analytics platform Santiment suggested traders wishing to cash out of PEPE tokens played a role in the increased activity, which coincided with the opening of the “meme coin season”. The platform also said that surges in active deposits have in the past led to price volatility for Ethereum. Since its launch in April, more than 410,000 PEPE transactions have been completed on Uniswap, burning an estimated 5,300 ETH in gas fees. The surge in network activity is described as having knock-on consequences, including upward pressure on gas fees.