An Ethereum Maximal Extractable Value (MEV) bot, known as ‘jaredfromsubway.eth’, has spent over $1 million in gas in the past 24 hours, according to Dune Analytics.
The bot has been pumping low-cap altcoins like PEPE and WOJAK and has accounted for nearly 8% of the total gas spending over the past day. As a result, gas prices have risen for other Ethereum users.
The MEV bot has spent over 1,183 ETH worth $2.4 million in the past week and has used $5.3 million in Ethereum gas over the month, making it the top gas guzzler.
The bot’s process of front-running detects potentially profitable transactions in the mempool and extracts the most profit.
DeFi researcher “SeaLaunch_” noted that the bot appears to be using a malicious front-running technique called a sandwich attack to manipulate the prices of the tokens it is attacking. Ethereum gas prices have increased by 140% since the weekend.