• The hype around meme-inspired cryptocurrency has caused a spike in the price of Ethereum gas.
• The median price of ETH gas on a seven-day moving average has risen to 43.641 gwei, a level not seen since June 30 last year.
• The average gas price for Ethereum transactions was 81.94 gwei, up from 60.82 gwei on April 19 and 44.42 gwei in 2022, representing a rise of 34.74% and 84.46%, respectively.
Rise in Ethereum Gas Prices
The hype around meme-inspired cryptocurrency has caused a spike in the price of Ethereum gas in recent days. According to data provided by Glassnode, the median price of ETH gas on a seven-day moving average has risen to 43.641 gwei, a level not seen since June 30 last year.
What is Gas?
The network utilizes a measurement system based on the gwei to perform transactions or launch smart contracts on the Ethereum network; requiring certain amounts of gas to do so. One Gwei is equal to 0.000000001 Ether (ETH), which means that if the gas price is 20 Gwei, it would cost 0.00000002 ETH to execute the operation and its value can vary depending on network congestion and demand from miners who are driven by higher prices for transactions with higher costs included in their blocks mined successfully..
Gas Prices Over Time
The median gas price across a 7DMA peaked at 150 gwei in May 2022 and has since decreased significantly to the low-to-mid-teens before settling at roughly 20 gwei until September when Merge went live this year As of April 20th 2023,the average gas price for Ethereum transactions was 81 94gwey up from 6082gwey on April 19th and 4442gweyin 202representinga riseof34 74and 8446respectively
Memecoins are currently taking over as they continue to gain popularity throughout different online communities with Pepe The Frog leading the way as one memorable example that’s causing more people than ever before to invest money into this type of digital asset with many expecting new tokens being issued soon that could potentially result even further increases in ethereum’s associated transaction fees due increased demand
In conclusion, we can see how quickly changes can occur within digital currencies like ethereum as well its associated transaction fees that play an important role when it comes time use them for various operations or launching smart contracts onto their respective networks In this case rising prices are indicativeof increasingdemandfor memecoin related activities but also shows just how volatile these markets really are being ableto shift dramatically within short periods time