What Ethereum's declining gas fees means for the network
However, there is good news on the horizon as Ethereum’s gas prices recently witnessed a significant drop.Santiment’s data revealed that Ethereum’s average fees returned to more reasonable levels after reaching a 2023-high of $14 per ETH transaction in early May.This decline in gas fees could have a positive impact on the Ethereum network. Additionally, Dune Analytics’Notably, the decrease in gas prices has contributed to an increase in NFT trades on the Ethereum network.
According to Dapp Radar’s data, these collections witnessed declining volumes and sales in recent months. Instead, newer NFT projects such as Milady Maker and other under-the-radar offerings have driven the spike in Ethereum NFT activity.When it comes to the ETH coin, Santiment’s data revealed that Ethereum is experiencing an all-time low in terms of availability on exchanges, indicating a growing trend of self-custody. This high level of self-custody is a bullish sign.
While ETH’s price has continued to rise, the surge in the MVRV ratio, along with increasing prices, suggests that many addresses holding ETH are currently profitable. These addresses may be more inclined to sell their holdings as prices rise.However, the long/short ratio indicates that the majority of these addresses are long-term holders, who are less likely to sell their holdings at the first sign of profit.
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