Ethereum

United

Impact

<ul>
 <li>Ethereum's gas prices hit an all-time low of 2.9 Gwei on August 18.</li>  
 <li>The Dencun upgrade reduced fees but raised concerns about network stability.</li>  
 <li>Whale activity on Ethereum dropped by 60%, indicating reduced investor confidence.</li> 
</ul>  
<p>Gas prices on the <a href="https://ethereum.org/en/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a> network have dropped significantly, reaching a new all-time low on August 18. This change comes after the recent Dencun upgrade, which had a significant impact on the network's price structure.</p>  
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<p>Ethereum's average gas price decreased to <a href="https://etherscan.io/gastracker" target="_blank" rel="noopener noreferrer nofollow">2.9 Gwei</a>, or around $0.026, the lowest amount recorded. In spite of the fact that gas costs have subsequently somewhat increased to 3 Gwei, the numbers are still remarkably low.</p>  
<h2 class="wp-block-heading" id="h-the-dencun-upgrade-s-impact"><strong>The Dencun Upgrade's Impact</strong></h2>  
<p>The <a href="https://cryptonewsland.com/ethereums-successful-dencun-upgrade-leaves-l1-users-frustrated/" target="_blank" rel="noopener noreferrer nofollow">Dencun upgrade</a>, which began in March 2024, played a significant influence in this drop. Dencun decreased fees significantly by allowing layer 2 networks to execute data blobs on the Ethereum mainnet.&nbsp;</p>  
<p>While the move has made trades more affordable, some analysts are concerned about the long-term implications. Reduced fees may cause user and liquidity fragmentation, compromising the network's overall stability.</p>  
<h2 class="wp-block-heading" id="h-declining-whale-activity-and-eth-supply-increase"><strong>Declining Whale Activity and ETH Supply Increase</strong></h2>  
<p>In addition to the drop in gas prices, Ethereum has faced further challenges. The ETH supply has grown by 197,000 tokens, resulting in a 35% reduction in price. The <a href="https://cryptonewsland.com/ethereum-etfs-face-98-29-million-outflows-amidst-mixed-inflows-for-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">decline</a> occurred despite the approval of Ethereum ETFs in the United States, which was expected to boost the market.</p>  
<p>Furthermore, whale activity on the network has dropped dramatically. Santiment data shows a substantial reduction in large transactions, with the number of whale transactions surpassing $100,000 falling from 5,371 on August 12 to only 2,138. This reduction in whale activity suggests a lack of confidence among large investors.</p>  
<h2 class="wp-block-heading" id="h-market-wide-uncertainty"><strong>Market-wide Uncertainty</strong></h2>  
<p>ETH's current <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">price</a> is at $2,614, indicating the general uncertainty in the cryptocurrency sector. In the previous 24 hours, ETH has lost 3%. However, trading volume has risen by 32% to more than $10 billion. The increase in trading activity suggests that Ethereum is growing in popularity, despite the challenges it faces.</p>  
<p>Ethereum is negotiating a complicated landscape, with gas prices at historic lows and whale activity decreasing. While the Dencun upgrade made transactions more economical, it also raised new questions about the network's viability.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-gas-price-plummets-amid-market-uncertainty/" rel="noopener noreferrer nofollow">Ethereum Gas Price Plummets Amid Market Uncertainty</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum Gas Price Plummets Amid Market Uncertainty

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