{"id":345908,"date":"2023-09-24T10:00:15","date_gmt":"2023-09-24T04:30:15","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=345908"},"modified":"2023-09-24T01:40:51","modified_gmt":"2023-09-23T20:10:51","slug":"whats-behind-ethereums-wilting-transaction-fees","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/whats-behind-ethereums-wilting-transaction-fees\/","title":{"rendered":"What&#8217;s behind Ethereum&#8217;s wilting transaction fees?"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">The average transaction fees on Ethereum fell to its lowest level in 2023.<\/span><\/em><\/li>\n<li><em>ETH continued to move sideways.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The average network fee paid to process transactions on the Ethereum [ETH] network has fallen to its lowest level this year, on-chain data provider Santiment noted in a recent post on X (formerly Twitter).<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83e\udd11 <a href=\"https:\/\/twitter.com\/hashtag\/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw\">#Ethereum<\/a> network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> becomes more affordable to circulate. Increased utility can then lead to recovering market cap levels. <a href=\"https:\/\/t.co\/MpOLfMYKUp\">https:\/\/t.co\/MpOLfMYKUp<\/a> <a href=\"https:\/\/t.co\/JI8ZLhmb4p\">pic.twitter.com\/JI8ZLhmb4p<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1705401195152789888?ref_src=twsrc%5Etfw\">September 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are 1,10,100 ETHs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, it cost an average fee of $0.98 to complete a transaction on the Layer 1 (L1) blockchain.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The first half of the year was marked by an uptick in on-chain activity on Ethereum and, as a result, its fees. This was primarily due to the launch of the meme token Pepe [PEPE] on the Ethereum network on 15 April.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">PEPE\u2019s value surged by over 6500% within a few weeks of trading, and this drove up transaction fees on Ethereum. By 5 May, this peaked at $14, according to data from Santiment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as the frenzy fizzled out and investors \u201cdumped\u201d their PEPE holdings, user activity on Ethereum took a beating. Since the 5 May high, the median gas fee paid per transaction on the chain has plummeted by 19%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> For context, this stood at 14 GWEI at press time. On 5 May, it was 132 GWEI.<\/span><\/p>\n<figure id=\"attachment_345915\" aria-describedby=\"caption-attachment-345915\" style=\"width: 1378px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37.png\"><img decoding=\"async\" class=\"size-full wp-image-345915\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37.png\" alt=\"\" width=\"1378\" height=\"760\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37.png 1378w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37-300x165.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37-1024x565.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.14.37-768x424.png 768w\" sizes=\"(max-width: 1378px) 100vw, 1378px\" \/><\/a><figcaption id=\"caption-attachment-345915\" class=\"wp-caption-text\">Source: Dune Analytics<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Due to the recent decrease in on-chain activity and the concurrent drop in gas fees, the Ethereum network has entered a phase of inflation. This essentially signifies that new Ether tokens are being generated and introduced into the circulating supply of the network.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As sourced from <\/span><a href=\"https:\/\/ultrasound.money\/\"><span style=\"font-weight: 400;\">ultrasound.money<\/span><\/a><span style=\"font-weight: 400;\">, ETH\u2019s supply increased by 6,079 ETH in the past week alone.<\/span><\/p>\n<figure id=\"attachment_345917\" aria-describedby=\"caption-attachment-345917\" style=\"width: 2294px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20.png\"><img decoding=\"async\" class=\"size-full wp-image-345917\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20.png\" alt=\"\" width=\"2294\" height=\"710\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20.png 2294w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20-300x93.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20-1024x317.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20-768x238.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20-1536x475.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/Screenshot-2023-09-23-at-09.15.20-2048x634.png 2048w\" sizes=\"(max-width: 2294px) 100vw, 2294px\" \/><\/a><figcaption id=\"caption-attachment-345917\" class=\"wp-caption-text\">Source:Ultrasound.money<\/figcaption><\/figure>\n<h4><b>ETH continues sideways movement<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Still oscillating within a narrow price range, ETH traded at $1,594 at press time. With sentiments among spot traders predominantly bearish, the coin\u2019s Directional Movement Index (DMI) showed that the selling activity outpaced accumulation on a daily chart.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Realistic or not, here\u2019s\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/marketcap\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">ETH\u2019s market cap in BTC\u2019s terms<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, the sellers&#8217; strength (red) at 28.66 rested above the buyers\u2019 (green) at 12.61. The Average Directional Index (yellow), positioned above 25, confirmed that the trend of ETH distribution among daily traders was strong.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, ETH\u2019s Aroon Up Line (blue) has trended downwards since 11 September. At press time, it was pegged at 14.29%. When the Aroon Up line is close to zero, the uptrend is weak, and the most recent high was reached a long time ago.<\/span><\/p>\n<figure id=\"attachment_345912\" aria-describedby=\"caption-attachment-345912\" style=\"width: 2560px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21.png\"><img decoding=\"async\" class=\"size-full wp-image-345912\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21.png\" alt=\"\" width=\"2560\" height=\"1101\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21-300x129.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21-1024x441.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21-768x330.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21-1536x661.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/09\/ETHUSD_2023-09-23_09-12-21-2048x881.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-345912\" class=\"wp-caption-text\">Source: ETH\/USDT on Trading View<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>As user activity on Ethereum dawdles, the average transaction fee on the chain has plummeted to its lowest level this year.<\/p>\n","protected":false},"author":64,"featured_media":345914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-345908","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What&#039;s behind Ethereum&#039;s wilting transaction fees? 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