The Ethereum network has experienced a surge in network fees due to the speculative frenzy surrounding meme tokens. Ethereum's fee-burn mechanism has led to a reduction in ETH supply. The upcoming Dencun upgrade is expected to alleviate the increased gas prices, with major Layer-2s projected to see fee reductions of at least 80%. This bodes well for Ethereum's scalability and usability, paving the way for a more efficient and accessible blockchain ecosystem.