Ethereum

Shiba

Shift

Solana

Token

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/ethereum-network-sees-major-drop-in-transaction-fee-earnings" rel="noopener noreferrer nofollow">Ethereum Network Sees Major Drop in Transaction Fee Earnings</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/ethereum-outshines-bitcoin-with-robust-performance-and-optimistic-market-sentiment" rel="noopener noreferrer nofollow">Ethereum</a>, the leading smart contract platform, has seen a significant decrease in fee revenue, with a 41.2% plunge, as reported by the on-chain analytics firm IntoTheBlock. This reduction, amounting to a collection of only $116 million in fees over a week, hints at a fall in both network traffic and active user engagements on the Ethereum blockchain.</p>
<h2 id="interest-in-meme-cryptocurrencies-dips">Interest in Meme Cryptocurrencies Dips</h2>
<p style="text-align: justify">The downturn in revenue is closely tied to the diminishing transaction volumes of meme-centric tokens, such as Pepe, Shiba Inu, and Floki Inu. These cryptocurrencies, typically transacted heavily on Ethereum, have seen less activity, correlating with the observed revenue drop. Analytical data from Santiment shows this decline followed a period of intense interest earlier in the month. In parallel, Ethereum’s decentralized exchanges noted a 25% decrease in their trading volumes, totaling around $15 billion for the week, according to DeFiLlama’s findings.</p>
<h2 id="shift-in-meme-token-transactions-to-solana">Shift in Meme Token Transactions to Solana</h2>
<p style="text-align: justify">As a possible reaction to the waning interest in Ethereum’s meme tokens, <a href="https://en.bitcoinhaber.net/solanas-surge-and-decline-a-tale-of-crypto-volatility" rel="noopener noreferrer nofollow">Solana</a>‘s decentralized exchanges experienced a 3% uptick in their transaction volumes. The increase in activity on the Solana blockchain is credited to the launch of new meme tokens, which drew in a larger user base and revenue stream, offering a more cost-effective and rapid transaction environment. When compared to Ethereum, which currently charges an average fee of $1.19 per transaction, Solana’s average fee is a mere $0.027. This competitive pricing, along with lower on-chain traffic on Ethereum, has led to a 5% drop in Ethereum’s value over the same period.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/ethereum-network-sees-major-drop-in-transaction-fee-earnings" rel="noopener noreferrer nofollow">Ethereum Network Sees Major Drop in Transaction Fee Earnings</a></h5>

Ethereum Network Sees Major Drop in Transaction Fee Earnings

Table of Contents

BH NEWS

Other articles published on Mar 24, 2024

Not Just Another Presale: Why This Token’s Offering Beats Out 100 Others

Scorpion Casino’s Top-Tier CEX Listing Could Make You A Millionaire By April! Last Chance To Buy ...

Next Big Crypto Era Starts With BlockDAG’s $7.8 Million Presale; TRON & DeeStream (DST) Fade In C...

5 Best Cryptos To Buy During the Dip (March Edition)

News Digest 03.22.2024

Infinix launches Note 40 series in Nigeria in partnership with Showmax

Join our free newsletter for daily crypto updates!