Ethereum

Euphoria

The new ERC-404 tokens have swiftly taken the spotlight, dominating the cryptocurrency market and consistently attracting interest from investors and traders. This surge in euphoria has led to a substantial increase in <a href="https://www.newsbtc.com/news/ethereum-gas-fees-skyrocket/" target="_blank" rel="noopener ">Ethereum gas fees</a>, pushing costs to their highest levels in the past eight months.&nbsp; 
<h2 id="ethereum-gas-fees-skyrocket">Ethereum Gas Fees Skyrocket</h2> 
Ethereum gas fees have surged to record highs, reaching unseen levels since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden spike in <a href="https://bitcoinist.com/visa-credit-card-payments-for-ethereum-gas/" target="_blank" rel="noopener nofollow">Ethereum gas</a> prices has been attributed to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization of <a href="https://bitcoinist.com/ethereum-nft-boom-behind-the-2-rise/" target="_blank" rel="noopener nofollow">Non-fungible Tokens (NFTs).</a>&nbsp; 
Presently, reports from Etherscan, an Ethereum block explorer and analytics platform, <a href="https://etherscan.io/chart/gasprice" target="_blank" rel="noopener nofollow">reveal</a> that on Friday, February 9, 2024, Ethereum gas fees reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively. 
This price is the highest Ethereum gas fees have reached since its explosive peak in May 2023, when the average gas price surged to 155.8 Gwei. 
<img loading="lazy" decoding="async" class="wp-image-574657 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=860&amp;resize=860%2C497" alt="Ethereum ERC-404 ETH ETHUSDT" width="860" height="497" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=1472 1472w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=860&amp;resize=860%2C497 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/Ethereum-ERC-404-ETH-ETHUSDT-1.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
The popularity of the ERC-404 can be attributed to the Pandora team heralding the unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity. 
One trader recently <a href="https://x.com/lookonchain/status/1756940311690092942?s=46" target="_blank" rel="noopener nofollow">made $59,000 </a>from the popular ERC-404 token. He revealed that his “secret to making money” was buying and selling the ERC 404 token, MINER, using the high gas fees as an advantage.&nbsp; 
The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), has also <a href="https://x.com/poppunkonchain/status/1755977370924666943?s=46" target="_blank" rel="noopener nofollow">predicted</a> that introducing ERC-404 tokens will lead to a <a href="https://bitcoinist.com/ethereums-programming-language-updated/" target="_blank" rel="noopener nofollow">continuous daily rise</a> in the average Ethereum gas price.&nbsp; 
<h2 id="about-the-erc-404-token-standard">About The ERC-404 Token Standard</h2> 
Earlier Thursday, the market capitalization of ERC-404 tokens soared to $296 million, announcing their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in crypto.&nbsp; 
Although ERC-404 tokens remain unofficial due to the absence of a complete audit and endorsement by <a href="https://bitcoinist.com/vitalik-buterin-ethereum-devs/" target="_blank" rel="noopener nofollow">Ethereum developers</a>, they have witnessed a significant surge in the days following their launch. One of the prominent ERC-404 tokens, Pandora, recently saw a <a href="https://bitcoinist.com/ethereum-erc-404-tokens-leaders/" target="_blank" rel="noopener nofollow">rise of over 400%.</a> 
The experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionalization.&nbsp; 
<img loading="lazy" decoding="async" class="wp-image-574655 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=860&amp;resize=860%2C431" alt="ethereum eth ethusdt erc-404" width="860" height="431" srcset="https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=2433 2433w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=860&amp;resize=860%2C431 860w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=360 360w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/02/ETHUSDT_2024-02-12_12-30-19_70a19.png?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
Chart from Tradingview

ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High

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