Nothing like that is going to happen but it is a huge inconvenience, the greater the fees the less it makes sense to move what we call ‘dust’, in the past dust transactions of a few cents worth of fiat could not be moved due to the costs of making a transaction but this was fine and many people accepted it.

But now with transactions costs being so high it does not even make sense to move amounts like 5 to 10 dollars as the cost of the transaction is equal to that and you do not want to spend the same in the transaction than what you are sending in the transaction itself, this means that other people will being to move to other coins like the binance coin and this will reduce the fees making it possible to once again make reasonable transactions but the cost will be a loss of popularity for ethereum, this is not going to sink ethereum but it will affect it negatively.