- Ethereum’s gas prices declined, while interest in Ethereum NFTs waned as well.
- ETH’s price remained unaffected despite the beacon chain mishap.
Ethereum’s [ETH] high gas prices have always been a subject of discussion in the crypto sector. Over the last few days, due to the hype around memecoins, gas prices on the Ethereum network surged.
Realistic or not, here’s ETH market cap in BTC’s terms
However, after the memecoin hype died down, gas fees on Ethereum declined. Over the last few days, the average gas price paid by Ethereum users fell from 155.84 ETH to 77.85 ETH.
How was ETH impacted?
This decline in gas prices could attract more users to the Ethereum network. Inasmuch, an increase in activity was observed.
However, at press time, activity on the Ethereum network declined, as indicated by the low gas usage on the network. Another indicator of low activity was the decline in NFT trades.
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Author: Himalay Patel