Transaction Fees In the Ethereum Network Reached $100
As the crypto market collapsed due to Bitcoin’s recent crash, Ethereum’s price also went down. This resulted in an arrival of multiple users who took the opportunity to buy the dip. Therefore, the average transaction fee in the Ethereum network jumped up to a whopping $100.
Ethereum’s transactions have always been costly but they beat all the records in May. Bitinfocharts reported that they showed 563% growth within one months that hasn’t even ended yet. In the beginning of the month, the average transaction fee was $9,8.
The growth of transactions was connected to a pump of the so-called dog tokens that were skyrocketing so that many users wanted to buy them. However, even now, when Ethereum lost 15% of its value, the fee keeps growing.