Ethereum

Shiba

Solana

Shiba Inu

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-sees-sharp-decline-in-fee-revenue/" data-wpel-link="internal">Ethereum Sees Sharp Decline in Fee Revenue</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/borsalardaki-eth-arzi-dusus-trendinde-santiment-guncel-verileri-paylasti" data-wpel-link="internal">Ethereum</a> (ETH)</strong> experienced a sharp decline in fee revenue this week, indicating a decrease in network traffic and user participation. According to the on-chain analysis firm IntoTheBlock, Ethereum validators collected a total of $116 million in fees over the week, representing a significant decrease of 41.2%.</p> 
<h2 id="investor-interest-in-meme-tokens-wanes">Investor Interest in Meme Tokens Wanes</h2> 
<p style="text-align: justify">The collapse in cryptocurrency occurred following a decrease in meme token transactions on the network, a domain historically dominated by Ethereum. Transaction volumes for leading Ethereum-based cryptocurrencies such as Pepe (PEPE), <strong><a href="https://en.coin-turk.com/shiba-inus-price-predictions-and-market-analysis/" data-wpel-link="internal">Shiba</a> Inu (<a href="https://en.coin-turk.com/shiba-inu-burns-2-09-billion-shib-tokens-in-july-shibarium-conference-excitement-grows/" data-wpel-link="internal">SHIB</a>)</strong>, and Floki Inu (FLOKI) decreased significantly throughout the week.</p> 
<p style="text-align: justify">According to data from analytics firm <strong>Santiment</strong>, this happened after a period of high demand in the first half of the month. The ongoing meme token frenzy, which excited the markets, also reflected in the decreased trading volumes on Ethereum-based decentralized exchanges (<a href="https://coin-turk.com/merkezsiz-borsa-nedir" data-wpel-link="internal">DEX</a>), commonly used by cryptocurrency entities for token trading. An analysis related to DeFiLlama data suggests that Ethereum DEXs achieved just over $15 billion in volumes during the week, which could indicate a 25% decrease compared to the previous week.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-332517 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/eth.jpg" alt="" width="768" height="353"></p> 
<h2 id="transaction-fees-on-solana">Transaction Fees on Solana</h2> 
<p style="text-align: justify">The decline occurred as investors shifted their meme token enthusiasm towards the Solana (SOL) blockchain. Solana’s total <a href="https://en.coin-turk.com/kyberswap-offers-10-reward-to-hacker-who-stole-47-million-from-dex-protocol/" data-wpel-link="internal">DEX</a> volume increased by 3% over the week. The creation of new meme tokens on the network throughout the week attracted more users and, consequently, more revenue. Solana offered a faster and cheaper alternative compared to Ethereum.</p> 
<p style="text-align: justify">The average transaction fee paid by Solana users in the last 24 hours was $0.027, based on SOL’s market value at the time of writing. On the other hand, Ethereum charged an average of $1.19 to validate a transaction. The decrease in on-chain traffic could mean fewer native ETH tokens being moved and, therefore, a decrease in demand. According to the website 21milyon.com, this partially contributed to a 5% decrease in its value over the week.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-sees-sharp-decline-in-fee-revenue/" data-wpel-link="internal">Ethereum Sees Sharp Decline in Fee Revenue</a></h5>

Ethereum Sees Sharp Decline in Fee Revenue

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