Ethereum Turns Inflationary as Gas Fees Plummet to 2023 Lows - Decrypt
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Ethereum transaction fees have slipped toward 2022 lows, data from Coin Metrics shows, amid a drop in on-chain activity from NFT sales, meme coin trading, and Telegram bots subsides. Ethereum Turns Inflationary as Gas Fees Plummet to 2023 Lows
On-chain traders are waiting for the next narrative as i
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Ethereum transaction fees have dropped to their lowest levels since 2022, as on-chain activity from NFT sales, meme coin trading, and Telegram bots subsides. The average fee for transfers on Ethereum is now $1.83, while the cost of token exchange via Uniswap is around $4.17. This decrease in demand for gas on Ethereum has led to the cryptocurrency becoming inflationary, with its supply increasing by 4,092 ETH tokens in the past week. As on-chain activity cools off, traders are waiting for the next narrative to drive Ethereum's growth.
Top Highlights
- Ethereum transaction fees have slipped toward 2022 lows, data from Coin Metrics shows, amid a drop in on-chain activity from NFT sales, meme coin trading, and Telegram bots subsides.
- Ethereum Turns Inflationary as Gas Fees Plummet to 2023 Lows On-chain traders are waiting for the next narrative as interest in meme coin and Telegram bot trading cool off.
- The average fee for transfers on Ethereum now stands at $1.83, while the cost of token exchange via Uniswap is approximately $4.17, per Etherscan data—levels not seen since November last year in the wake of the collapse of FTX.
- As the demand for gas on Ethereum goes down, Ethereum has turned inflationary in one of the few such periods since the Merge in September 2022. In the past week, Ethereum’s supply increased by 4,092 ETH tokens worth around $6.6 million, per Ultrasound.money data.
- Waiting for the next on-chain narrative Ethereum on-chain activity picked up at the start of 2023 with a spike in NFT trading volumes partly fueled by the Blur token airdrop frenzy, and an increase in ETH price. The burn rate further accelerated amid a meme coin hype in the second quarter. However, Ethereum’s supply has flatlined since then as on...
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