Will Ethereum’s low gas fees help ETH go up the price chart - Aliens: AI Crypto News & Markets Updates
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Will Ethereum’s low gas fees help ETH go up the price chart

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AMB Crypto

Thu, May 26, 2022

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Ethereum , the largest altcoin seems to have done the overdue homework regarding its fee structure.

Ethereum network fees plummeted in May, below $10 per transaction.

Santiment’s on-chain metrics on transaction fees show that Ethereum’s transaction fees have been reducing constantly since November 2021.

At present, ETH’s average fee costs traders just $2.54 per transaction.

📉 #Ethereum $ETH Amount of Supply Last Active 2y-3y (1d MA) just reached a 1-month low of 9,352,337.605 ETH View metric: https://t.co/i1QXUN8Vx0 pic.twitter.com/A2N0L4XqCP — glassnode alerts (@glassnodealerts) May 25, 2022 Overall, taking one step closer to reaching the “ deflationary ” status.

The whale group of addresses holding anywhere between 10k and 100k ETH in their wallets have grown their balance from 28.3m of ETH in March to 29m of ETH as of date.

These whale addresses currently hold nearly one-fourth of the total ETH supply.

Historically, as can be seen from the chart, Ethereum’s price rose whenever the average gas fee dipped below $5.

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