Ethereum activity is skyrocketing as memecoins take off. Memecoins are pervasive. They’re on Ethereum mainnet, L2s, and other chains. But the ones on Ethereum are the ones going wild right now.
With EIP-1559, all Ethereum activity translates to a marginal benefit for ETH holders. Putting holders at an advantage when network activity sparks up is one of the most important goals of token economic design. Memecoins consuming gas as people rush to trade in and out of them actually ends up benefiting ETH to a degree because of this. ETH is a passive, but far less degenerate, bet on the proliferation of memecoins into the crypto zeitgeist.