Dencun upgrade and reduced whale activity drive down costs, offering new opportunities for users and developers.
Ethereum's gas prices have reached an all-time low, with the daily mean gas price on the Ethereum network dropping to just 2.9 Gwei. This significant decline in gas fees is a notable development for users and developers who rely on the Ethereum network for transactions and smart contracts.
The reduction in gas fees can be largely attributed to the recent Dencun upgrade. This upgrade enables layer 2 networks to execute data blobs on the Ethereum mainnet, which in turn reduces the overall fees associated with transactions. By allowing more efficient data processing, the Dencun upgrade has made Ethereum transactions more affordable and accessible.
In addition to the drop in gas fees, there has been a noticeable decline in whale activity on the Ethereum network. Whale transactions, defined as transactions over $100,000, have significantly decreased over the past week. This reduction in large transactions could be influencing the overall dynamics of the Ethereum market.
Despite the approval of Ethereum ETFs, the price of Ethereum has fallen by 35%. This decline in price is accompanied by an increase in the supply of Ethereum tokens, with an additional 197,000 tokens entering the market. The interplay between supply, demand, and market sentiment continues to shape the value of Ethereum.
