Ethereum Transaction Costs Soar
Ethereum (ETH) has seen a 61.5% increase in transaction costs due to the excitement surrounding the experimental token standard ERC-404, which reached its highest level in nine months.
The network collected $84 million in gas fees last week, a 61.5% increase from the previous week. Gas price per transaction jumped to 71 Gwei on February 9, the last time such levels were seen since May 2023.
The surge occurred after the exposure of the PANDORA project, which rose from $1,000 to $33,000 before falling again.
Despite the price drop, the Pandora token has shown a 270% increase since its launch, according to Coinmarketcap.
(With inputs from Shikha Singh)
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