How memecoins helped Ethereum’s transaction fees

bullish run on the price charts brought it to $3,949 at press time, setting it for a likely breach past the magical mark of $4,000.

The soaring prices got traders excited, as daily trading volumes hit multi-year highs of more than $20 billion, as per crypto market data provider, Ethereum validators collected over $190 million in fees over the week, the highest since May 2022, representing an increase of 78% from last week.The fee spike also accelerated the rate at which ETH was moving out of circulation. Note that a set amount of ETH is burned for each transaction.

ETH’s rapid price gains over the week pushed the total supply in profit to over 95%, as per AMBCrypto’s analysis of Santiment data. Interestingly, nearly 320,000 ETH coins were transferred to exchanges in the week. This raised alarms that traders might look to profit-take in the days to come, causing a correction.Aniket is a full-time journalist at AMB Crypto. With experience in news publishing and content management, he is now increasingly tangled up in the web of cryptocurrencies and blockchains. His focus lies on the intersection between cryptos and traditional finance.

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