Ethereum

2024

when

<h4><strong>Over the last two weeks, the gas fees to use Ethereum have skyrocketed by 498% due to a jump in network activity. </strong></h4> 
<p>According to a <a href="https://www.coinbase.com/es-la/institutional/research-insights/research/weekly-market-commentary/weekly-2024-09-27" target="_blank" rel="noopener">report</a> from Coinbase published on September 27, the average gas fees between September 16 and September 26th were nearly five times higher than usual. The median transaction cost rose from just $0.09 at the start of the month to $1.69.</p> 
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      <h5><strong>Ethereum Network Activity Fuels Gas Fee Surge</strong></h5> 
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<p>So, what caused this huge increase? Coinbase analysts David Duong and David Han explained that there wasn’t just one reason for this spike. They noted that activity on Ethereum has been increasing for several reasons.</p> 
<p>For instance, trading volumes on <a href="https://www.altcoinbuzz.io/?s=decentralized+exchanges" target="_blank" rel="noopener">decentralized exchanges (DEXs)</a> saw a slight rise of 9% week-over-week. Additionally, the total amount of Ether (ETH) transferred increased by 17% week-over-week, leading to those higher transaction fees.</p> 
<p><img decoding="async" class="wp-image-151974 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vcxbvcnbvhjgjhjkh-300x196.jpg" alt="" width="571" height="373" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vcxbvcnbvhjgjhjkh-300x196.jpg 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/10/vcxbvcnbvhjgjhjkh.jpg 514w" sizes="(max-width: 571px) 100vw, 571px"></p> 
<p>Gas fees are like the tolls you pay when you drive on a busy road. When more cars are on the road, the tolls can go up! The Ethereum network uses gas fees to pay for transactions, and these fees can rise sharply when more people are using the network.</p> 
<p>Recently, blockchain efficiency firm Gashawk reported that gas fees spiked to 40 gwei multiple times last week. This shows just how busy the Ethereum network has become.</p> 
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 <p dir="ltr" lang="en">ETH Gas has spiked above 30-40 gwei and then back down to 5-10 gwei, numerous times in the last 7 days.</p> 
 <p>GasHawk provides users with peace of mind that they will execute at the best base fee, regardless of the current volatility on ETH mainnet <a href="https://t.co/w5TBtaFHPY">pic.twitter.com/w5TBtaFHPY</a></p> 
 <p>— gashawk.{eth, io} (@gashawkio) <a href="https://twitter.com/gashawkio/status/1839700093319917771?ref_src=twsrc%5Etfw">September 27, 2024</a></p>
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<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Another interesting trend is that the amount of ETH being “burned” has surged over 900% to 2,097 ETH between September 14 and September 24. Burning ETH means that those coins are permanently removed from circulation, making the remaining coins potentially more valuable.</p> 
<p>Moreover, data from <a href="https://dappradar.com/rankings/chains?range=24h&amp;__cf_chl_tk=QM70M3vnqOxGN6fqRemidJdiR2oDj9tS.ojWHlRZO78-1727779290-0.0.1.1-8682" target="_blank" rel="noopener">DappRadar</a> shows that activity in decentralized applications (DApps) has almost doubled in the last 24 hours, increasing by 97% to $3.6 billion. Even non-fungible token (NFT) volumes are up 17%, adding to the lively Ethereum scene.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/ethereum-gas-fees-surge-498-in-just-two-weeks/">Ethereum Gas Fees Surge 498% in Just Two Weeks</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Ethereum Gas Fees Surge 498% in Just Two Weeks

Altcoin Buzz

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