ERC-404 Euphoria causes Ethereum gas fees to rise to 8-month high
The new ERC-404 token quickly gained attention as it dominated the cryptocurrency market and continues to attract the attention of investors and traders. Due to this surge of happiness Ethereum gas feeCosts have risen to record highs over the past eight months.
Ethereum gas price soars
Ethereum gas fees hit an all-time high, reaching levels not seen since March 2023, when the average gas price peaked at 101.26 Gwei. sudden surge Ethereum Gas The price is due to the recent hype surrounding ERC-404 tokens, an experimental token standard that enables native fractionalization. Non-fungible tokens (NFTs).
According to a report from Etherscan, an Ethereum block explorer and analysis platform, reveal On Friday, February 9, 2024, the Ethereum gas price reached an average gas price of 71.4 Gwei, a maximum gas price of 59,956 Gwei, and a minimum gas price of 34.4 Gwei.
This price is the highest Ethereum gas fee reached since its explosive peak in May 2023, when the average gas price soared to 155.8 Gwei.
The popularity of ERC-404 can be attributed to the Pandora team heralding an unofficial token and taking advantage of its high liquidity. Additionally, various cryptocurrency traders have shown tremendous interest in the new token to tap its potential and maximize liquidity.
One recent trader Earned $59,000 From the popular ERC-404 token. He revealed that his ‘secret to making money’ is to take advantage of high gas prices by buying and selling MINER, an ERC 404 token.
The co-founder of Gaslite GG, identified as ‘Pop Punk’ on X (formerly Twitter), also predicted By introducing ERC-404 tokens Continuous daily rise Average Ethereum gas price.
ERC-404 token standard information
On Thursday morning, the market cap of the ERC-404 token soared to $296 million, signaling its entry into the cryptocurrency market. The token standard was launched on February 5 and has received tremendous attention in the cryptocurrency space.
ERC-404 tokens remain unofficial as they are not fully audited and approved. Ethereum Developer, witnessed a significant surge in the days following its launch. Pandora, one of the popular ERC-404 tokens, recently Rise of more than 400%.
Experimental tokens have gained widespread popularity due to their unique approach to bridging the gap between fungible and non-fungible tokens for better liquidity and sharding.
Charts from Tradingview
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