Ethereum

Ethereum’s gas prices and whale activity have declined as its price dropped below the $2,600 mark. 
According to an X post by CryptoQuant, the daily mean gas price on the Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noreferrer noopener">ETH</a>) network plunged to an all-time low of 2.9 Gwei, worth around $0.026, on Aug. 18. The average ETH gas price recorded a mild hike and is currently sitting at 3 Gwei. 
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 <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">#Ethereum</a> Gas Price Hits New All-Time Low “Despite the approval of Ethereum ETFs, the price of <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="">$ETH</a> has been struggling since the Dencun upgrade. ETH supply has increased by more than 197,000 ETH, and its price has fallen by 35%.” – By <a href="https://twitter.com/EgyHashX?ref_src=twsrc%5Etfw" target="_blank" rel="">@EgyHashX</a> Link 👇<a href="https://t.co/GZ1Dt0NStv" target="_blank" rel="">https://t.co/GZ1Dt0NStv</a> <a href="https://t.co/PtbjWGyUzc" target="_blank" rel="">pic.twitter.com/PtbjWGyUzc</a>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1825470168459329824?ref_src=twsrc%5Etfw" target="_blank" rel="">August 19, 2024</a>
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Data shows that only 115 ETH, worth around $300,000, were burned as gas prices hit an ATL. ETH’s price consolidated around the $2,600 mark amid market-wide uncertainty. 
One of the main reasons behind the steep decline in the price of Ethereum gas is the&nbsp;<a href="https://crypto.news/ethereums-dencun-upgrade-future/">Dencun upgrade</a>,&nbsp;which was launched in March of&nbsp;this year. Dencun <a href="https://crypto.news/layer-2-solutions-surge-after-dencun-upgrade-is-it-safe-for-the-system/">allowed layer 2 networks</a> to execute their data blobs on the Ethereum mainnet, causing a significant fee drop. 
 You might also like: <a href="https://crypto.news/94-of-trx-holders-in-profit-amid-quick-price-recovery/"> 94% of TRX holders in profit amid quick price recovery </a> 
However, the CryptoQuant analyst claims that the declining network fees could potentially cause long-term problems such as “user and liquidity fragmentation.”&nbsp; 
The analyst pointed out that the ETH supply has increased by 197,000 tokens while the price plunged 35% despite the approval of the long-awaited <a href="https://crypto.news/spot-bitcoin-etfs-witness-inflows-of-11-11m-ether-etfs-break-3-day-inflow-streak/" target="_blank" rel="noreferrer noopener">spot ETH exchange-traded funds</a> in the U.S. 
Ethereum’s whale activity has also been declining alongside its fees. According to data from Santiment, the number of whale transactions consisting of at least $100,000 worth of ETH has consistently fallen over the past week — dropping from 5,371 on Aug. 12 to 2,138 unique transactions at the time of reporting. 
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 ETH price and whale activity – Aug. 19 | Source: <a href="https://app.santiment.net/charts/AR-S5huj__sCl" target="_blank" rel="">Santiment</a>
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ETH is down by 3% in the past 24 hours and is trading at $2,580 at the time of writing. Its daily trading volume, however, increased by 32%, surpassing the $10 billion mark. 
 Read more: <a href="https://crypto.news/ton-secures-top-gainer-spot-with-7-jump-but-market-signals-caution-ahead/"> TON secures top gainer spot with 7% jump, but market signals caution ahead </a>

Ethereum gas fees drop to all-time low amid declining whale activity

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