Meme Season Blamed for Jump in Ethereum (ETH) Gas Fees
Ethereum (ETH) gas fees jumped to a 10-month high — prompted by a surge in meme coin mania. Per Glassnode, the median Ethereum gas price over a seven-day moving average (7DMA) reached 43.641 gwei — a price last seen on June 30, 2022. Gwei is a denomination of ETH — with 1,000,000,000 gwei equaling 1 ETH, or 1 gwei equaling 0.000000001 ETH.
Analysts Warns of Crypto Market Top As FOMO Hits Bitcoin, Ether
On-chain analytics firm Santiment has warned that the current market sentiment in cryptocurrencies, driven by fear of missing out (FOMO), could be dangerous. The firm noted divergences that have led to a temporary pause in the growth of Ethereum, suggesting that the market’s appetite for risk has been relatively low. Santiment also highlighted whales' behavior of reducing their Bitcoin positions, although the situation began to change after the recently concluded Shanghai fork and Ether’s move above $2,000. The firm cautioned that traders should be on the lookout for indicators such as a significant increase in retail accumulations, a decrease in stablecoin holdings, and a spike in general network activity to discern a market top.
Long-Dormant Ethereum Whales Resurface, Stirring Up Market Speculation
Ethereum recently dipped below $2,000, but there are signs suggesting it might be a temporary decline. Crypto analytics firm Santiment noted significant dormant movement on the Ethereum network, with two addresses moving long-standing ETH untouched for nearly five years. Dormant asset movement often indicates major price shifts in a positive direction. The mean dollar invested age line has decreased over the past week, indicating a decline in the average age of investments in addresses, which favors a bullish market setup. Two Ethereum addresses accumulated 150,000 ETH in November 2018 and sold their entire holdings on April 18, 2023, suggesting some insight into market movements. The timing of the 2018 accumulation could suggest that the addresses had knowledge about the market's future trajectory.
Post-merge Ethereum: $4.9B in Potential Supply Growth Averted Through Proof-of-Stake Transition
Since the Merge, which shifted Ethereum from the energy-intensive Proof-of-Work consensus mechanism to the eco-friendly Proof-of-Stake consensus mechanism, the cryptocurrency has experienced a significant drop in its native token, burning 104,939.20 ETH, equivalent to over $200 million in current market value. This corresponds to a 0.146% decline in the yearly supply of ETH, and if Ethereum had continued to rely on miners to secure the network, the supply of Ether would have grown by over 2.5 million coins, translating to a staggering $4.9 billion in the current market value. The reduction in ETH supply was implemented through Ethereum Improvement Proposal 1559, which was rolled out via the London upgrade in August 2021. Despite this, the total supply of ETH has increased by 3.21 million coins since the upgrade was implemented, but the trend of declining supply is expected to continue in the coming months.
Ether Supply Reduced by 100,000 Coins Since The Merge
The supply of Ethereum's native coin, ether, has declined by more than 100,000 coins since The Merge moved Ethereum to a more environmentally friendly proof-of-stake consensus mechanism. If Ethereum had remained secured by miners, the supply of ether would have increased by more than 2.52 million coins, or $4.9 billion. Instead, post-Merge Ethereum's coin supply is down by 0.144% per year, and $1.2 billion is being removed from the ether supply over the same time frame. Ethereum Improvement Proposal 1559, pushed via the London upgrade, triggered the burning of ether, which has also decreased the blockchain's total supply. Since London went live, the total supply of ether has increased by 3.21 million coins. (TheBock)
Tether Treasury Mints $1 Billion USDT on Ethereum Network, Confirms CTO Paolo Ardoino
Paolo Ardoino says this is an authorized but not issued transaction, indicating that the funds will be used as inventory for the next period of issuance requests and chain swaps.
Societe Generale-FORGE Launches Stablecoin EUR CoinVertible on Ethereum Public Blockchain
The digital asset is deployed in Euro denomination on the Ethereum public blockchain, with the ticker code EURCV.
Flashbots Launches MEV-Share To Distribute Front Running Profits With Ethereum Users
Blockchain research and infrastructure provider Flashbots introduced the beta version of its MEV-Share protocol, aiming to distribute a portion of Maximal Extractable Value profits to Ethereum users.
What is the Ethereum Beacon Chain
The Ethereum network is the second most popular cryptocurrency, and a true pioneer of blockchain use cases.
