Ethereum (ETH) gas prices have jumped to a 10-month high.

Around glass node, the median Ethereum gas price against the 7-day moving average (7DMA) reached 43.641 gwei. This is the price last seen on June 30, 2022.

Gwei is the unit of ETH, 1,000,000,000 gwei equals 1 ETH or 1 gwei equals 0.000000001 ETH.

Over the past year, 7DMA median gas prices peaked at 150 gwei in May 2022, but fell sharply by July 2022. It then gradually stabilized around 20 gwei towards his September 2022 when the merge was deployed.

Ethereum median gas price
Source: Glassnode.com

ethereum gas price

The cost of using Ethereum isDeFi Summer2020 “When the average gas price reaches 700 gwei.

Around this time, network activity spiked as yield protocols such as Curve, Compound, and Yearn began to take off.

Ethereum’s architecture is such that when network traffic and transaction verification demands are high, high gas prices are incurred.

Some assumed that a switch to merging and proof-of-stake (PoS) consensus would address this problem, but gas prices are still largely determined by block demand and the network’s capacity to meet that demand. was confirmed. Not a consensus mechanism. Already used.

Recently, activity on the Ethereum network has spiked with a wave of newly released meme coins. Some of them gave early investors thousands of percent returns.

meme coin is back

PEPE is one such meme coin, becoming the sixth largest with a market cap of $89.1 million in a matter of days.

PEPE ranks as the 6th largest meme coin
sauce: CoinGecko.com

PEPE hit the local top of $0.000000391704 on April 20 and has been trending downward ever since.

PEPE’s success spurred social media buzz, followed by a surge of meme coins.For example this tweet @Fluid Goblin Said meme season is back — tagged $PEPE, $ Wojak, $COPE

Despite the mania surrounding meme coins, Shinshin It can be fun, but warns that it’s also risky.

The post-meme season of allegedly skyrocketing Ethereum (ETH) gas prices first appeared on CryptoSlate.

By Jules

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