Median Ethereum Gas Price Drops to 5-Year Low As Daily ETH Burn Rate Plunges
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: Aug 12 2024Ethereum Gas Fees and Layer-2 Activity: Ethereum's median gas fees have dropped to a 5-year low of 1.9 gwei, while layer-2 networks like Coinbase's Base are processing significantly more transactions than the Ethereum mainnet, raising concerns about the impact on staking rewards.
Decline in ETH Burn Rate and Price: The daily amount of ETH burned has decreased to its lowest level for 2024, with only 210 tokens burned on August 10, coinciding with a more than 4% drop in ETH's price, trading at $2,551.56.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
