Binance’s Hot Wallet Tops Ethereum Gas Consumption Charts
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- Kaiko announced on X that one of Binance’s hot wallets briefly took the lead as the highest consumer of gas on the Ethereum network.
- The price of ETH was able to climb by more than 1% over the past day of trading.
- At press time, ETH was resting on the crucial support level of $1,580.
The analytics platform Kaiko announced on X that one of Binance’s hot wallets briefly took the lead as the highest consumer of gas on the Ethereum (ETH) network. Binance attributed this surge in gas consumption to its efforts to consolidate ETH balances.
— Kaiko (@KaikoData) September 25, 2023
One of #Binance’s hot wallets briefly became the top gas guzzler on #Ethereum as the exchange said it was consolidating ETH balances. pic.twitter.com/FqcR2nLpd4
On Sep. 23, the market intelligence platform Santiment shared a post on X that the Ethereum network’s fees have dropped to their lowest levels in 2023, at just $1.15 per transaction. This reduction in gas fees may lead to increased utility levels, subsequently resulting in an increase in the market cap for ETH.
ETH was trading at $1,588.11 at the time of writing, which reflected a modest 0.62% price increase within th…
The post Binance’s Hot Wallet Tops Ethereum Gas Consumption Charts appeared first on Coin Edition.
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