Decline in Transaction and Fee Revenues on Ethereum Network

Ethereum (ETH) experienced a significant decline in fee revenues in the past week, signaling a decrease in network traffic and user participation. Ethereum validators collected a total of $116 million in fees, representing a 41.2% decrease from the previous week. Decline in Meme Token Transactions This decline in the crypto market is particularly associated with the decrease in transaction volumes of popular Ethereum-based meme tokens such as Pepe, Shiba Inu, and Floki Inu. Data from Santiment analysis firm revealed a decrease in transaction volumes on decentralized exchanges (DEX) for meme tokens after intense demand. Rise in Solana Transaction Fees The decline in Ethereum has increased the interest in the Solana blockchain. Investors turned to Solana as a faster and cheaper alternative to continue their meme token excitement. This led to a 3% increase in DEX volume on Solana. The creation of new meme tokens on Solana attracted more users, resulting […]

Decline in Transaction and Fee Revenues on Ethereum Network

Ethereum (ETH) experienced a significant decline in fee revenues in the past week, signaling a decrease in network traffic and user participation. Ethereum validators collected a total of $116 million in fees, representing a 41.2% decrease from the previous week.

Decline in Meme Token Transactions

This decline in the crypto market is particularly associated with the decrease in transaction volumes of popular Ethereum-based meme tokens such as Pepe, Shiba Inu, and Floki Inu. Data from Santiment analysis firm revealed a decrease in transaction volumes on decentralized exchanges (DEX) for meme tokens after intense demand.

Rise in Solana Transaction Fees

The decline in Ethereum has increased the interest in the Solana blockchain. Investors turned to Solana as a faster and cheaper alternative to continue their meme token excitement. This led to a 3% increase in DEX volume on Solana. The creation of new meme tokens on Solana attracted more users, resulting in an increase in revenue.

The average transaction fee paid by Solana users in the last 24 hours was $0.027, while the average transaction verification fee on Ethereum was $1.19. The decrease in network traffic on Ethereum led to less movement of ETH tokens and a decrease in demand, contributing to a 5% decrease in Ethereum’s weekly value.

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how to buy crypto?
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