In the past week, several traders have participated in trading ETH for meme tokens. As a result, the usage of gas has surged, bringing considerable revenue to blockchain
In the past week, several traders have participated in trading ETH for meme tokens. As a result, the usage of gas has surged, bringing considerable revenue to blockchain.
- Ethereum's gasoline prices have reached a 10 month high.
- ETH prices are influenced by the returns collected by meme traders.
The resurgence of seemingly profitable emoticons has helped Ethereum's gasoline costs soar by 73%. During the week ending April 22, several meme cryptocurrencies have attracted the attention of the cryptocurrency community.
I owe you a comeback
Coincidentally, these highly volatile assets mainly traded on the Arbitrium [ARB] network participated in ETH trading. According to data from IntoTheBlock, the increase in gas usage resulted in Ethereum earning $66.7 million during this period.
It is worth noting that the increase in activities on the Ethereum network can lead to congestion and drive up costs.
Although the momentum has cooled, the rise means that a large amount of ETH has been used in the past 7 days of trading. However, the average gas consumption has also decreased. As expected by cryptocurrencies under meme brackets, the hype surrounding the aforementioned tokens has decreased. Because of their contingency, investors may reconsider their risk appetite.
Although memes are considered high-risk assets and can suddenly soar and fall, some of them have shown incredible performance in the past week.
Some of the recent memes include PEPE, whose market value has reached 100 times in just a few days. The value of ArbDogeAI's AIDOGE increased by over 7000% last week. Recently, the focus has been on REKT.
Although most of these assets are currently undergoing adjustments, they have played an important role in the growth of ETH liquidity. At the time of writing this article, Santiment revealed that since April 12th, ETH's circulation supply has significantly increased.
Deadlock and Reversal
According to Santiment's data, the average gas usage has dropped to 43.99Gwei. This reflects how traders can restrict the exchange of more ETHs for other cryptocurrencies.
Interestingly, Glassnode reported on April 23rd that the average gasoline price of Ethereum has reached its highest point in 10 months. In many cases, when the demand for cryptocurrencies is high, ETH gasoline costs will increase. Therefore, in order to avoid congestion, the prices for ordinary users have increased.
At the same time, as of the time of publication, ETH's exchange inflows have decreased. The indicator for determining how many counterfeit coins have flowed into the exchange is 18200.
But within a week, there are several peaks indicating an increase in activity, as these memes are traded on decentralized exchanges (DEX).
The same situation applies to foreign exchange outflows. At the time of writing, the indicator was 5563. However, due to the significant difference between outflows and inflows, this situation indicates more ETH selling pressure.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
