Ethereum’s price rallied to 2,850 USD on February 17, up by 7% due to a memecoin protocol launch. However, after a sudden spike in transaction fees from 0.70 USD to 70 USD, the price quickly fell by 100 USD, suggesting a cautious sentiment amongst traders.

During peak activity, addresses linked to the ‘Wall Street Pepe’ token accounted for over 25% of ETH transaction fees. Despite fluctuations, professional Ether traders maintained stable sentiment, indicating resilience amid these market movements.