Ethereum Fee Surges 50% Due to a “New, Suspicious” Token
According to the crypto analysis platform IntoTheBlock, Ethereum (ETH) fees surged by over 50% this week. According to IntoTheBlock, the surge in costs may be because of a “new, suspicious” token called VMPX. The new token accounted for 18% of the gas consumption on the ETH network.
However, the analytics firm does not state why the project is “suspicious.” VMPX is a new crypto, whose mechanism allows users to mint the token themselves. According to Jack Levin, VMPX is an asset created to link the Bitcoin and Ethereum networks. Levin is the founder of the XEN ecosystem, a project that has ties to VMPX. XEN and VMPX, like many other cryptocurrency projects, are experimental and have unclear utility.
Also Read: Rise in Ethereum Staking Still Carries Major ‘Lido’ Risk
Moreover, as per the data on Ultrasound.money, VMPX was responsible for 30% of Ethereum burns on Thursday, in the 24-hour time frame. At press time, VMPX was trading at $0.072875, down by 7.2% in the last 24 hours.
Ethereum network continues to see growth despite slight correction
According to popular crypto analysis firm Santiment, the Ethereum (ETH) network has seen significant growth recently. The firm noted that new addresses are being created at an increased pace. Moreover, the creation of new addresses, as per the firm, “is a signal for eventual market cap growth.”
— Santiment (@santimentfeed) July 6, 2023
#Ethereum's network growth has somewhat quietly been on the rise. New addresses are being created at an increased pace, which is a signal for eventual market cap growth. We'll monitor this #bullish divergence as $ETH ranges just below $1,900. https://t.co/TpiOUGgYGl pic.twitter.com/B0SrlrsrmB
Regardless, Ethereum (ETH), along with the larger crypto market, witnessed a slight correction. ETH is down by 2.3% in the daily charts, while Bitcoin (BTC) is down by 1.7% in the same time frame.
Also Read: Ordinals Renewed Bitcoin ‘Building Culture’: Ethereum Founder
The recent market sentiment is tied to BTC. The spot Bitcoin (BTC) ETF filings from various financial giants are likely to blame. However, the news around the filings might be fizzling out, leading to today’s correction.
Read More
Ethereum Fee Surges 50% Due to a “New, Suspicious” Token
According to the crypto analysis platform IntoTheBlock, Ethereum (ETH) fees surged by over 50% this week. According to IntoTheBlock, the surge in costs may be because of a “new, suspicious” token called VMPX. The new token accounted for 18% of the gas consumption on the ETH network.
However, the analytics firm does not state why the project is “suspicious.” VMPX is a new crypto, whose mechanism allows users to mint the token themselves. According to Jack Levin, VMPX is an asset created to link the Bitcoin and Ethereum networks. Levin is the founder of the XEN ecosystem, a project that has ties to VMPX. XEN and VMPX, like many other cryptocurrency projects, are experimental and have unclear utility.
Also Read: Rise in Ethereum Staking Still Carries Major ‘Lido’ Risk
Moreover, as per the data on Ultrasound.money, VMPX was responsible for 30% of Ethereum burns on Thursday, in the 24-hour time frame. At press time, VMPX was trading at $0.072875, down by 7.2% in the last 24 hours.
Ethereum network continues to see growth despite slight correction
According to popular crypto analysis firm Santiment, the Ethereum (ETH) network has seen significant growth recently. The firm noted that new addresses are being created at an increased pace. Moreover, the creation of new addresses, as per the firm, “is a signal for eventual market cap growth.”
— Santiment (@santimentfeed) July 6, 2023
Regardless, Ethereum (ETH), along with the larger crypto market, witnessed a slight correction. ETH is down by 2.3% in the daily charts, while Bitcoin (BTC) is down by 1.7% in the same time frame.
Also Read: Ordinals Renewed Bitcoin ‘Building Culture’: Ethereum Founder
The recent market sentiment is tied to BTC. The spot Bitcoin (BTC) ETF filings from various financial giants are likely to blame. However, the news around the filings might be fizzling out, leading to today’s correction.
Read More