Meme Coin Turns Into Goldmine! MEV Bot "jaredfromsubway" Becomes Ethereum's Biggest Gas Fee Spender

In the past 24 hours, a MEV (Maximal Extractable Value) bot named "jaredfromsubway.eth" has become the top gas spender on the Ethereum network, garnering significant attention in the news.

Spending 218 ETH on Gas Fees in a Day

The operator of the "jaredfromsubway.eth" bot spent over 210 ETH in gas fees in a single day, amounting to approximately $810,000. According to Etherscan data, this expenditure accounted for 1.58% of the total gas fees on the Ethereum network during that period.

High-Frequency Trading Driven by Meme Coins

This MEV bot primarily engages in high-frequency trading, particularly targeting meme coin traders on the chain. Ethereum meme coins like Pepe, Wojak, Turbo, and Mog have once again gained attention.

From February 2023 to June 2024, the "jaredfromsubway.eth" bot spent a staggering 76,916 ETH in gas fees. Based on the value of ETH at the time of the transactions, this is equivalent to around $175 million. This level of expenditure highlights the bot's aggressive trading strategy and the significant attention it has garnered.

MEV and Sandwich Attacks Yield Profit

Maximizing Extractable Value (MEV) refers to strategies that exploit transaction sequencing for advantage. MEV bots like "jaredfromsubway.eth" often utilize sandwich attacks. In a sandwich attack, the bot detects impending user transactions, executes buy/sell orders of the same cryptocurrency at a higher gas fee rate in advance, causing price movements before user transactions, thus profiting from it. To ensure swift execution of trades, MEV bot operators need to invest heavily in gas fees and offer generous tips to validators.

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