Gas Fees Take a Dip
The Ethereum network has recently seen a drop in gas fees that could make even the most hardened crypto enthusiast crack a smile. After reaching an eyebrow-raising high of $20 per transaction last month, the average gas fee has plummeted to a more reasonable $7.34. That’s about one-third of what it was—because who needs to pay for overpriced transactions when you can save that crypto for hookers and blow, right?
Understanding Gwei and Transaction Fees
In the world of Ethereum, gas prices are measured in gwei—essentially, one-billionth of an Ether (ETH). Say what? Yes, it sounds complicated, but stick with me. Presently, the daily median gas price has dropped from nearly 140 gwei to just 24 gwei. Thanks to Dune Analytics, we can all rejoice in the fact that we can afford to shove a few more transactions into our wallets without crying about price!
Memecoin Shenanigans: The Culprit
The gas fee spike back in May was primarily due to a memecoin frenzy, which took the crypto world by storm. New coins like Aped (APED) and Bobo Coin (BOBO) made a splash, leading to a significant shift in spending habits on the network. No longer were the top gas guzzlers ETH or USDT dominating the scene; instead, we saw meme-tastrophes like Troll (TROLL) and others take those spots. If only our real-life buying habits were so fun, right?
Bitcoin Ordinals Join the Party
May wasn’t a peaceful landscape just for Ethereum. Bitcoin netted quite a bit of action as well, particularly through a feature known as Ordinals, which allows digital art to be stored on the Bitcoin blockchain. By month’s end, Ordinals saw a staggering 10 million inscriptions on the Bitcoin network, and the total fees paid surged by a jaw-dropping 700% to 1,639 Bitcoin (BTC). Talk about a blockchain block party!
The Cool Down: What’s Next?
With the memecoin whirlwind finally settling, gas fees have cooled off and transaction counts for Ordinals are tapering as well. It seems the crypto world operates in cycles, each dictated by novelty and the frenzy that it inspires among investors. So while we might be saving a few bucks on gas fees now, keep your eyes peeled—who knows what hyped digital tokens will pop up next and send us spiraling back into the chaos of high transaction costs.
