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HOME > Crypto and NFT NEWS > ETHEREUM NEWS > Ethereum Gas Fees Plummeted To Lowest Level Since Last August
Crypto and NFT NEWSETHEREUM NEWS

Ethereum Gas Fees Plummeted To Lowest Level Since Last August

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news room March 16, 2022 109 Views 4 Min Read
Updated 2022/03/21 at 5:43 PM
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The Ethereum gas fees  plummeted to lowest  level since last august
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The Ethereum gas fees  plummeted to lowest  level since last august, but still they are not inexpensive. 

The Ethereum gas fees  plummeted to lowest  level since last august

The statistics says  that, since the start of 2022 the average gas fees price on Ethereum has plummeting quite quickly. And on jan.10  jumping from 218 Gwei to 40.82 on Wednesday.

As well, the gas fees for transaction on Ethereum blockchain network also dropped to the lowest stage since the last august 2021.  

The gas fees  prices are falling but  they are still expensive. Additionally the data report of coin metric  that has been shared by the crypto rank platform  stated that.

The average price of Ethereum transactions of seven days moving as of Wednesday equaled $11.14, putting it at  back between the levels recorded in the middle of 2021, before it increased greatly to as high as $55 at the final part of 2021.

 

On March 10 there was notably less congestion on the network. And the etherscan data evaluated the gas fees was valued at nearly 30 Gwei ($1.53) that was for low speed confirmation. And  for high speed confirmation  32 Gwei (1.64). Furthermore, another data from Ychart also highlighted that the average gas price of Ether has been plummeting since the start of 2022. That it jumps from 218 Gwei on Jan.10 to 40.82 Gwei on Wednesday.

During the soaring development of Ethereum’s non-fungible tokens. And decentralized finance (DeFi)  last year. The Ethereum network has faced criticism many times due to having unreasonable highly expensive gas fees. 

 

As well, the lower fees and congestion seems to be connected with the weak speculation or interest in non-fungible tokens and De- Finance throughout the start of 2022 as compared to last months of 2021.

Final Thoughts: 

Statistics showed that the gas fees prices on Ethereum network plummeted since last august. But still they are not inexpensive. Also another statistical report from Ychart said that. 

The average gas price of Ethereum has been falling quite quickly since the start of 2021, jumping from 218 Gwei on Jan.10 to 40.82 Gwei on Wednesday. As well, due to  high gas fees  the Ethereum network has faced criticism many times.

 

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