10/7/2023 0 Comments Ethereum transaction fee spikeAs network activity increases, more ETH is destroyed, making the coin deflationary.ĭespite EIP-1559 and the overhaul of the gas fee system in Ethereum, transaction fees continue to rise.Īs a result, there has been a corresponding increase in gas fees on layer-2 platforms like Arbitrum and Optimism. This is a change of 15.14 from yesterday and 73.41 from one year ago. In 2021, Ethereum was upgraded via EIP-1559, which resulted in a portion of all ethereum transactions being burned. Ethereum Average Transaction Fee is at a current level of 1.497, up from 1.300 yesterday and up from 0.8634 one year ago. While the average gas cost on Ethereum swung between $50 and $70 in 2021, transaction costs fell rapidly during the crypto winter of 2022 only to begin rising this year.Īverage transaction fee chart | Source: Etherscan ![]() The meme coin fear of missing out (FOMO) is believed to be why gas fees in Ethereum is rapidly rising.Īs of May 4, transaction fees on Ethereum rose to over $15. You might also like: Binance, launch PEPE perpetual futuresĪs more investors flock to PEPE, its value has continued to soar, reaching an impressive market value of $879m in the latest trading session. The PEPE token’s popularity is reflected in its trading volume, which has exceeded that of wrapped bitcoin (WBTC) and USDT, a stablecoin, on Uniswap, reaching an impressive $150m in just 24 hours.Īdditionally, the PEPE token has made its way into the top 100 largest cryptocurrencies by market capitalization, with a valuation of over $500m as of May 1. In just one week, the PEPE token has gained an incredible 665% while rising 585% in the last two weeks. This has attracted significant attention from investors looking to take advantage of the latest crypto craze. Pepe coin (PEPE) is a frog-themed token that has gained immense popularity in the crypto sector, experiencing a remarkable surge in value over the past few days. This development has pushed Ethereum’s transaction costs even higher.Īt the beginning of this week, the daily median gas price rose to a 12-month high of 87 gwei – equivalent to one billionth of an ether (ETH).ģ1.7K $ETH has been burned in the past seven days.To put that in perspective, since the merge (231 days ago), 152K ETH total has been burned.That’s ~21% of the total burn in ~3% of the total days.This is the power of meme coins. ![]() The spike is due to the latest mania over pepecoin (PEPE). ![]() On-chain data shows 31,700 ethereum (ETH) have been burned in the last week.
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