ERC-404 Euphoria Push Ethereum Gas Fees To 8 Month High
12 Februar 2024 - 4:30PM
NEWSBTC
The new ERC-404 tokens have swiftly taken the spotlight, dominating
the cryptocurrency market and consistently attracting interest from
investors and traders. This surge in euphoria has led to a
substantial increase in Ethereum gas fees, pushing costs to their
highest levels in the past eight months. Related Reading:
Ethereum Price Signals Uptrend Exhaustion But Dips Could Be
Attractive Ethereum Gas Fees Skyrocket Ethereum gas fees have
surged to record highs, reaching unseen levels since March 2023,
when the average gas price peaked at 101.26 Gwei. The sudden spike
in Ethereum gas prices has been attributed to the recent hype
surrounding ERC-404 tokens, an experimental token standard that
enables native fractionalization of Non-fungible Tokens
(NFTs). Presently, reports from Etherscan, an Ethereum block
explorer and analytics platform, reveal that on Friday, February 9,
2024, Ethereum gas fees reached an average gas price of 71.4 Gwei,
with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei
respectively. This price is the highest Ethereum gas fees have
reached since its explosive peak in May 2023, when the average gas
price surged to 155.8 Gwei. The popularity of the ERC-404 can be
attributed to the Pandora team heralding the unofficial token and
taking advantage of its high liquidity. Additionally, various
cryptocurrency traders have shown immense interest in the new
token, aiming to capitalize on its potential and maximize its
liquidity. One trader recently made $59,000 from the popular
ERC-404 token. He revealed that his “secret to making money” was
buying and selling the ERC 404 token, MINER, using the high gas
fees as an advantage. The co-founder of Gaslite GG,
identified as ‘Pop Punk’ on X (formerly Twitter), has also
predicted that introducing ERC-404 tokens will lead to a continuous
daily rise in the average Ethereum gas price. About The
ERC-404 Token Standard Earlier Thursday, the market capitalization
of ERC-404 tokens soared to $296 million, announcing their arrival
in the crypto market. The token standard was launched on February 5
and has gained immense traction in crypto. Although ERC-404
tokens remain unofficial due to the absence of a complete audit and
endorsement by Ethereum developers, they have witnessed a
significant surge in the days following their launch. One of the
prominent ERC-404 tokens, Pandora, recently saw a rise of over
400%. Related Reading: Crypto Drama Unfolds: Ethereum Co-Founder’s
22,000 ETH Transfer Sparks Price Speculation The experimental
tokens have gained widespread popularity due to their unique
approach of bridging the gap between fungible and non-fungible
tokens for better liquidity and fractionalization. Chart from
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