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Gas fees on the Ethereum network have dropped to a six-month low. The average cost is $1.12 per transaction, marking the lowest figure since October 18.According to Santiment, traders typically cycle between periods of extreme optimism, often characterized by the belief that a certain asset is set for exponential growth, and periods of pessimism, marked by the sentiment that it is declining.‘s average fee level has dipped to just $1.
This contrasts with just a few months ago when gas fees on the Ethereum network soared to an eight-month high in February. This increase coincided with a substantial surge in interest surrounding an experimental token standard known as ERC-404.at an average of 70 gwei per transaction, equivalent to approximately $60 for a standard transaction. At their peak, gas costs surged as high as 377 gwei, a level not seen since May 12, 2023.
The price of Ethereum has recently seen a modest rally, with a 4.3% gain over the past week, according tofrom CoinGecko. However, as of today, ETH has encountered a 4% decline, erasing the gains from the previous week and currently trading around $3,200.Meanwhile, the decreased activity on the Ethereum network has led to an increase in the circulating supply of ETH, reaching its highest point in the past month.
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