Ethereum news today has been hitting hard with the excessive ETH gas fees and a dormant wallet moving huge amounts of money. According to CoinMarketCap,
“The live Ethereum price today is $1,633.03 USD with a 24-hour trading volume of $7,032,308,931 USD. We update our ETH to USD price in real time. Ethereum is up 0.18% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $199,840,707,611 USD. It has a circulating supply of 122,373,866 ETH coins.”
While Ethereum’s performance according to CoinMarketCap is decent, the netizens have been influenced by the other two occurrences as Ethereum news today disclosed.
Ethereum Gas Fees Goes Beyond $39,000 Per Transaction!
A transaction allegedly costs more than $39,000, or 24.225 ETH, in Ethereum’s (ETH) gas war. Crypto investor Jason Williams shared the snapshot on Twitter, sarcastically teasing that Ethereum is “working great” despite being charged bogus gas fees.
Ethereum working great! only $39,050 in gas fees for a transaction... pic.twitter.com/lBjDkNse2Y— Jason A. Williams (@GoingParabolic) January 22, 2023
Williams’ tweet makes clear how far Ethereum still has to go in combating gas wars and users paying extremely high transaction fees, regardless of what the transaction was Williams mentioned. Transaction costs were one of Ethereum users’ major concerns prior to The Merge. A relatively large amount was often paid by users relative to the real value of their transactions at that time.
The move to proof of stake (PoS) helped expand the network’s bandwidth, but a significant drop in gas may not occur until other upgrades are implemented. Vitalik Buterin has reiterated his commitment to developing rollup technologies for Layer 2 networks as part of his efforts to make Ethereum more usable.
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Will Ethereum (ETH) Killers Take The Opportunity?
In the past, the Ethereum protocol has garnered a lot of reputational damage owing to the high transaction fees. It seems that the trend is regaining its position. If this is the case, it is not good for Ethereum as it is offering a golden opportunity to the Ethereum killers. Several new-generation blockchain protocols offer users lower transaction costs than Ethereum, including Cardano (ADA), Avalanche (AVAX), Solana (SOL), and BNB Chain. As a result of skyrocketing gas fees, Yuga Labs had to move its native token, ApeCoin (APE), from Ethereum to Polygon.
Dormant Ethereum Wallets Get Active Suddenly!
Ethereum news today states that the once-active Ethereum Wallets during the ICO era suddenly started moving huge amounts of money. The on-chain specialists assumed that the funds have been moved to staking contracts. In the initial stage, the funds on the ICO wallet showed to move back in October. That said, the ETH wallet has been dormant for the last six years. After breaking the dormancy, the crypto wallet has moved nearly 50,000 ETH to stake. This holds an approximate worth of $80 billion.
We noticed that an ETH ICO participant who has been dormant for 6 years started to stake 48,992 $ETH ($80M) in October this year.— Lookonchain (@lookonchain) January 22, 2023
The ICO participant received 120K $ETH at Genesis via 3 addresses.
And transferred 32,015 $ETH($53M) to a new address 5 hrs ago. (stake again? ) pic.twitter.com/huO4PVBpUB
One of the biggest entities on the whole network that is not related to the cryptocurrency exchange received 120,000 ETH with three addresses at Genesis. Shortly thereafter, the whale moved $53 million from Genesis to a new address – 6-7 hours ago.
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