By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Sign In
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
  • Home
  • News
    • Cryptopedia
      • Blockchain News
      • Bitcoin News
      • Ethereum News
      • Altcoin News
    • Latest Metaverse & NFT News
      • Metaverse & NFT Games
      • Virtual Land
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Search
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit Press Release
  • Submit NFT Project
© 2022 NFTStudio24.com News Network. All Rights Reserved.
Reading: Ethereum testnet launch expected to boost Eth low gas fee in the coming week
Share
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Search
  • Home
  • News
    • Cryptopedia
    • Latest Metaverse & NFT News
    • Exchanges News
    • Policy & Regulation
    • Web Stories
  • Press Release
    • Sponsored Article
    • Submit Press Release
  • Interviews
    • Opinion
  • Expert Alliance
    • About Expert Alliance
    • Expert Alliance Benefits
    • Experts List
    • Apply for Expert Alliance
  • Guide
    • NFT Review
    • Game Review
    • Submit NFT Project
  • Videos
  • Events
Have an existing account? Sign In
Follow US
  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
  • Global
  • Japan
  • South Asia
  • Partners
  • Community
HOME > News > CRYPTOPEDIA > ETHEREUM NEWS > Ethereum testnet launch expected to boost Eth low gas fee in the coming week
ETHEREUM NEWSLATEST NFT NEWS & METAVERSE

Ethereum testnet launch expected to boost Eth low gas fee in the coming week

news room
Posted news room June 3, 2022 570 Views 6 Min Read
Updated 2023/01/25 at 8:41 PM
ETH NFT Gas Fee, Eth low gas fee, Eth low gas fee time, Ethereum low gas fee, ETH NFT, NFT, Ethereum NFT, ETH, Ethreum
SHARE

According to recent reports, Ethereum gas prices have dropped to below $3, breaking the lowest record in 10 months. The Ethereum Ropsten Merge testnet launching on June 2, 2022, which will eventually add to the mainnet on June 8, 2022, is highly likely to boost the low gas prices and demand for Ethereum. 

Contents
Ethereum gas prices dip since July 2021What’s the reason behind ETH’s low gas price?Why are gas prices so important?Ethereum’s “The Merge”ETH coin price

For the past few weeks, Ethereum gas prices have been dropping day by day, and now reached record-breaking low opening doors for small and new investors to trade or mint Ethereum-based NFTs on the marketplaces.

For many years, NFT and the crypto community have complained about the high gas prices on the Ethereum blockchain that was sometimes higher than the NFTs themselves. Ironically, now Ethereum gas price is lower than $3 just before the testnet launch.

Ethereum gas prices dip since July 2021

Similar to the crypto crash in July 2021, this year’s crypto crash drove Ethereum prices to the lowest of lows. For the past few weeks, the prices have been lowering slowly until on Sunday, May 30, 2022, the gas price went to the lowest point of $2.96 per transaction.

Based on the data collected, this year’s Eth gas price median-sized dropped to the lowest. The prices began declining in mid-February during the Russia-Ukraine war and continued to drop until now. Compared to March 2022 when the price was $3.73 per transfer, now it is below 0.00086 ETH around $1.56 per transaction on May 29. As May closed with low gas prices, it is a golden opportunity for traders to buy their favorite NFTs without worrying about the prices.

Small investors always found it difficult to afford expensive transaction fees and often complained about it. Although Ethereum announced that its soon-to-be-launched update, known as Eth 2.0, will eventually offer cheap transaction costs, the dip for May is also a good price to buy Ethereum NFTs.

What’s the reason behind ETH’s low gas price?

At the start of the year, Ethereum gas prices were peaking high, but ever since the crypto crash, the prices have lowered each day until they hit rock bottom on May 30.

Eth low gas fee, Eth low gas fee time, Ethereum low gas fee, ETH NFT, NFT, Ethereum NFT, ETH, Ethreum

According to Santiment, a crypto analyst firm, Ethereum’s low gas price indicates less activity in the network which means there is an overall decline in interest in the Ethereum blockchain. The circulation supply is lower than ever, and the charts show “hybernation” for Ethereum.

Why are gas prices so important?

Ethereum’s low gas fee is good news for small investors but it might be bad news for the network itself. A gas fee is the transaction cost miners pay for minting a token or NFT as a validation. When the activity on a network is high, the gas fee also surges. If there is no activity, the gas price lowers, which is occurring at the moment.

On Sunday, Ethereum Layer 2 transaction fee to transfer Ethereum was also quite low.  Zksync protocol is offering transactions around $0.04 to transfer ETH and $0.09 for swapping a coin. The transaction fee is the same for Loopring and $0.45 to swap coins. For Arbitrum One and Optimism, the transaction cost is $0.12 and $0.23 per transfer respectively. 

For anyone looking for an opportunity to swap tokens or mint NFTs, this might be the right time to do it.

Ethereum’s “The Merge”

Ethereum Ropsten Merge testnet is scheduled to be launched on June 2, 2022. The execution layer will transition from Proof-of-Work to Proof-of-Stake at the specified Terminal Total Difficulty (TTD). According to the developers, this essential testnet upgrade will complete on June 8, 2022, and added to the mainnet soon. As a result, the Ethereum prices are expected to surge as the supply will be cut by 90% which will increase the altcoins’ demand in the market.

ETH coin price

Since the Ethereum gas fee is affected by the ETH coin on the crypto market. For the past week, ETH experienced a bullish divergence, this week, a major investor transferred a huge amount of ETH coins to their exchange wallet, causing fear of a massive sell-off.

Today, ETH sits at $1,941 against USD.

To conclude, right now, the gas fee is low due to the crypto crash and low trading. Once the Merge is nearly launched, Eth coin prices will reach as high as $10,000 due to an increase in demand and the gas fee will be low compared to previous ones due to the POS upgrade in the Ethereum mainnet.

Sign Up For Daily NFT Drops

Don't miss the next NFT drops!!!
I have read and agree to the terms & conditions
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
news room June 3, 2022
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Bored Ape NFT, Bored Ape #3158, Bored Ape, bored ape yacht club, bored ape yacht club nft, bored ape nft, bored ape yacht club, bored ape, ape nft, nft A fat finger error lists Bored Ape for 10 ETH only on OpenSea
Next Article Sam Bankman Fried, Bankman Fried, bankman-fried, , Sam Bankman-Fried, CEO of FTX, FTX Bankman-Fried signs the ‘Giving Pledge’ to follow his philosophy of “earning to give”
Leave a comment

Leave a Reply

You must be logged in to post a comment.

Don’t miss the NFT Drops! Sign up Now

I have read and agree to the terms & conditions

Latest News

DeFi protocol DefiLlama has resolved its internal conflicts 1
DeFi protocol DefiLlama has resolved its internal conflicts
CRYPTOPEDIA News WEB3 March 21, 2023
Crypto Fear and Greed Index has reached its highest level
Crypto Fear and Greed Index has reached its highest level
BITCOIN NEWS News March 21, 2023
Project AI Powered Trading Platform Accused of Draining 1M from Users
Project ‘AI-Powered’ Trading Platform Accused of Draining $1M from Users
AI BLOCKCHAIN NEWS News March 20, 2023
Join us
Ad imageAd image

You Might also Like

CFTC Chairman Confirms Stablecoins and Ether as Commodities 3
CRYPTOPEDIAETHEREUM NEWSNews

CFTC Chairman Confirms Stablecoins and Ether as Commodities

March 9, 2023
Hermes Takes Legal Action to Gain Control of MetaBirkin NFTs
LATEST NFT NEWS & METAVERSENews

Hermès Takes Legal Action to Gain Control of MetaBirkin NFTs

March 8, 2023
The Sensory VR Experience Feeling on Your Lips Mouth and Tongue
METAVERSE & NFT GAMESNews

The Sensory VR Experience: Feeling on Your Lips, Mouth, and Tongue

March 7, 2023
Snoop Dogg joins Web3 powered live streaming app as a co founder
LATEST NFT NEWS & METAVERSENewsWEB3

Snoop Dogg joins Web3-powered live streaming app as a co-founder

March 7, 2023
//

NFTStudio24 delivers the latest NFT news to its global audience. We are committed to reporting mainstream and emerging talent via exclusive press releases, podcast interviews, NFT rankings, and much more.

GET IN TOUCH

  • About us
  • Advertise with us
  • Media Kit
  • 365 Media Plan
  • Submit NFT Project
  • Careers
  • Contact us
  • Privacy Policy

Experts Alliance

  • Experts Alliance
  • About Alliance
  • Alliance Benefits
  • Membership requirements
  • Apply Alliance
//

Subscribe to our newsletter to get our newest articles instantly!

I have read and agree to the terms & conditions
Web3,Blockchain & Metaverse Education Media PlatformWeb3,Blockchain & Metaverse Education Media Platform
Follow US

© 2022 NFTStudio24.com News Network. All Rights Reserved.

Removed from reading list

Undo
Join us metaverse Join us metaverse
Welcome Back!

Sign in to your account

Register Lost your password?