Ethereum fees surge as on-chain activity increases
This surge has also led to over 2,000 ETH being burnt daily, with DApp and NFT volumes nearly doubling.
Ethereum’s network has seen a significant rise in transaction fees recently, with a 498% increase driven by heightened activity on the blockchain. Analysts point to rising decentralised exchange volumes and increased lending rates as key factors. Ether transfers have also risen, contributing to the sharp increase in gas fees.
The increase in on-chain activity has also led to a surge in Ether burn rates, with over 2,000 ETH burnt daily. Additionally, DApp and NFT volumes have almost doubled, further highlighting Ethereum’s growing activity.
On the price front, Ether has broken through a key technical resistance, signalling potential bullish momentum. However, the asset still faces hurdles in the form of key moving averages. Meanwhile, Ethereum investment products posted their first positive inflows in weeks, largely driven by spot ETFs.
