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Ethereum Gas Fee Hits Four-Year Low After Dencun Upgrade, A Boon or Bane?

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10 months ago

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In a major development, the Ethereum gas fee has touched its lowest level in four years since 2020. As of now, the average gas fee on Ethereum is 6.8 Gwei. As a result, all on-chain operations such as cross-chain bridging, asset swaps, NFT minting, etc. have turned out to be more affordable to users.

The Post Dencun Upgrade Effect for Ethereum

After the post-Dencun upgrade, which brought about blobs and enhanced network efficiency, there was a noticeable decrease in fees. This upgrade piqued developers’ interest in how gas prices might rise if market activity were to surge.

The Dencun upgrade has successfully disconnected Ethereum’s transaction fees from network activity, ensuring that fees remain low even during times of increased usage.

However, the latest report from CryptoQuant suggests that the Dencun upgrade has made the Ethereum blockchain inflationary once again. This has potentially killed its characteristics of being an “ultra-sound” money.

According to a report published on Wednesday by CryptoQuant, the Ethereum network has experienced a decrease in transaction fees following the Dencun upgrade. Consequently, the amount of ether burned has reached one of its lowest levels since the Merge.

Furthermore, the report highlighted that the supply of ether is currently increasing at its fastest daily rate since the Merge event on the Ethereum network.

The Cryptoquant analysts noted: “Before the Dencun upgrade, the higher network activity on Ethereum meant higher fees burned and hence less ether supply. However, after the Dencun upgrade, the total amount of fees burned has decoupled from the network activity”.

The report’s findings suggest that, given the present level of network activity, Ethereum is unlikely to return to a deflationary state. Consequently, the narrative surrounding ether as “ultra-sound” money has likely faded, unless there is a significant increase in network activity to revive it.

ETH Price Action

The Ethereum (ETH) Price continues to remain volatile falling over 4% in the last 24 hours and currently trading around $2,900 levels. ETH has largely underperformed BTC in recent times and this could continue going further believe some market analysts.

The ETH/BTC pair has breached its support level of 0.05, a pattern often signaling a forthcoming price decline. Should the ETH/BTC pair dip below 0.04, the analyst anticipates Ethereum’s price potentially plummeting to approximately $2,500.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Will Pi Coin Surpass XRP Price After Binance Listing?

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21 minutes ago

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February 22, 2025

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The Pi coin finally launched on the mainnet today, which has already led to predictions on how high the crypto could rise following the launch. Now, crypto analyst Gem Hunter has provided a bullish outlook for the coin, suggesting that it could even surpass the XRP price after it gets listed on Binance.

Pi Coin Could Surpass XRP Price After Binance Listing

Gem Hunter recently suggested that the Pi coin price could surpass the XRP price after a potential Binance listing. In an X post, the analyst noted that Pi network’s chart doesn’t look bad at all and hinted that the current price was the bottom.

The analyst further remarked that the Pi coin had recorded almost $1 billion trading volume in eight hours despite listing on only a few centralized exchanges (CEXs). Gem Hunter stated that the real fun will start when Binance and other top crypto exchanges list Pi. As such, he urged market participants to buy the dip and hold.

ImageImage

The analyst’s accompanying chart showed that the Pi coin price could rally to as high as $2.8 when Binance and these top exchanges potentially list the coin. A rally to this price level could put Pi above the XRP price, which is currently trading at around $2.6.

It is worth mentioning that Binance is currently running a community poll on whether it should list Pi. Most community members have voted for the top crypto exchange to list the coin. As such, there is the possibility that Binance could list the crypto at some point, which would provide some bullish momentum for its price.

The Pi network mainnet officially launched today. Consequently, the Pi coin also went live on several exchanges, including OKX, and reached an all-time high (ATH) of $2.2 before witnessing a price correction.

XRP Price Could Surge Before Then

Crypto analyst Dark Defender recently predicted that the XRP price could surge to $3 soon enough, a move which would see the crypto surpass the projected $2.8 level for Pi coin. According to the analyst, XRP will see a break towards $2.77 first and then towards $3 “within hours.”

Meanwhile, in his analysis of XRP in the 12-hour time frame, crypto analyst Egrag Crypto noted that the coin has bounced off the low edge of the ascending triangle, showing bullish momentum. The analyst stated that targeting $2.83 is the next bullish milestone for XRP.

Egrag Crypto further remarked that a bullish signal will occur when XRP closes above the $2.90 and $3.10 range with confirmation. He claimed this would turn this range into strong support for a bullish continuation and a major milestone from a structural perspective.

ImageImage

The XRP price is already up today thanks to bullish fundamentals such as the SEC’s acknowledgment of the XRP ETFs and Hashdex’s XRP ETF, which is set to launch in Brazil.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Can Shiba Inu Price Breakout 300%? 128M SHIB Burn Sparks Optimism

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1 hour ago

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February 22, 2025

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Shiba Inu price remains bullishly eyed by traders and investors despite the broader market volatility as its burning chronicles constantly kill supply. The latest burn metrics indicated that nearly 128 million SHIB was burnt over the past week. In turn, market sentiments about the dog-themed meme coin’s future outlook remain bullish, with technicals further highlighting that a potential 300% breakout looms.

Can Shiba Inu Price Leverage SHIB Burn Impact?

Shiba Inu price has been trading sluggishly against the backdrop of broader crypto market trends for quite a while now. The meme coin was down 2.5% to $0.00001522 as of press time, whilst its weekly and monthly losses totaled 9% and 24%, respectively. It’s noteworthy that this waning action primarily aligns with broader trends, such as macroeconomic heat over the past month and the recent Bybit hack.

Nevertheless, current burn metrics underscored a significant blow to the asset’s circulating supply, sparking investor bullishness. As per Shibburn’s X post on February 22, a whopping 128.22 million coins were burnt in the last week. Per this data, the supply reduction resulted in a 120.3% uptick in the weekly SHIB burn rate.

Market watchers weigh substantial optimism in light of this burn rate surge, aligning with the law of supply of supply and demand. For context, the meme coin’s burn mechanism sends tokens to a null address, thereby permanently removing them from the circulating supply by making retrieval impossible.

How Much SHIB Burnt To Date?

Upon further investigation, CoinGape found that 410.72 trillion Shiba Inu coins were burnt to date, which is bullish news for the leading meme coin‘s price watchers. The circulating supply at the time of reporting was evaluated as 584.30 trillion tokens.

SHIB Burn dataSHIB Burn data
Source: Shibburn site

Meanwhile, the community registered 180.59 million tokens burnt this month (February), with approximately 90 burn transactions recorded. Besides, the previous month saw a whopping 1.16 billion tokens removed from the supply via 124 burn transactions. Altogether, the massive blow to the supply has pushed investors to be optimistic about Shiba Inu price despite its sluggish performance.

Is SHIB Eyeing 300% Breakout?

A recent SHIB price analysis by CoinGape Media further revealed that the meme coin could surge nearly 300% ahead amid strong market technicals. As the token sees heightened active addresses and whale activity, on-chain metrics reflect rising market optimism.

Further, the asset’s MVRV ratio also aligns with bullish historical trends, entering the opportunity zone. Back then, the same scenario resulted in a 55% pump, per the analysis. However, traders and investors exercise some caution as past trends do not always guarantee future performances.

Also, Shiba Inu price recently showcased signs of forming a bullish inverse head-and-shoulders pattern. Given that the crypto market recovers ahead, SHIB could take charge and lead, per the analysis. Key resistance for the token lies near $0.0000326, a sustained hold above which bolsters the path for 300% gains.

SHIB price analysisSHIB price analysis
Source: CoinGape

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BTC, ETH Drop As $566M Liquidated Amid Bybit Hack

Published

5 hours ago

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February 22, 2025

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Crypto market today (February 22): Bitcoin (BTC), Ethereum (ETH), and other altcoins reflect an alarmingly waning price action as the week comes to a close. Primarily against Bybit’s recent $1.4 billion hack, over $566 million was liquidated across the broader market in the last 24 hours. As a result, BTC price price lost nearly 2% and slipped back to the $96K level on Saturday. Further, ETH and other leading altcoins have also followed the waning trajectory.

Crypto Market Today: BTC, ETH & Altcoins Suffer Amid Bybit’s Hack & Massive Liquidations

Notably, the crypto exchange behemoth Bybit recently suffered an exploitation attack, resulting in the theft of $1.4 billion ETH from the platform. CoinGape reported that the mastermind behind this hack was ‘The Lazarus Group,’ a North Korean cybercriminal organization.

As a response to the hack, the crypto market saw $566.64 liquidated in the last 24 hours, per Coinglass data. The massive liquidations, underscoring panic selling, in turn brought significant heat to cryptocurrency prices. Further, the global cryptocurrency market cap slipped 1.98% from yesterday to reach $3.17 trillion.

BTC Price Backtracks To $96K

In sync with the colossal liquidations, BTC price witnessed a 2% loss in value over the past 24 hours, resting at $96,170. The flagship coin’s intraday bottom and peak were $94,852.96 and $99,497.97, respectively. Coinglass data showed that Bitcoin recorded $199.44 million worth of liquidations in the past 24 hours. Simultaneously, its market dominance slipped marginally by 0.01% to 60.29%.

ETH Price Takes Heat Amid Crypto Market’s New Hack

ETH price tanked nearly 3% in the past 24 hours and is currently trading at $2,674. The coin’s 24-hour low and high were $2,616.92 and $2,842.83, respectively. Ethereum recorded liquidations worth $141.76 million in the past 24 hours. Meanwhile, market watchers remain cautious about the coin’s future movements in light of the massive Bybit hack. Given that the hackers decide to sell the stolen funds ahead, heightened selling pressure could pull the price further down.

XRP Price Cracks 3%

XRP price fell by 3% intraday and is now sitting at $2.57. The coin hit a bottom and peak of $2.51 and $2.71 in the last 24 hours. Notably, the Ripple-backed asset saw liquidations worth $14.95 million over the past day and followed the broader market trend to dip in the red zone.

SOL Price Slips 2%

SOL price saw a 2% decline in the past 24 hours and is now trading at $170. The coin swooped to a low of $167.31 and a high of $180.43 in the last 24 hours. Solana recorded liquidations worth $22.24 million intraday, aligning with the market trend.

Meme Crypto Market Also Tumbles

Dogecoin: DOGE price saw a 4% drop to $0.2417 amid $14.03 million liquidated in the Dogecoin market.

Shiba Inu: SHIB price waned by 2% in the past 24 hours and is currently trading at $0.00001516, mirroring the market trend.

Even Pepe Coin (PEPE) and Official Trump (TRUMP) prices cracked 2%-5%, reaching $0.000009188 and $16.08, respectively. The meme coin market has primarily mirrored the broader market trend as the week comes to a close.

Top Crypto Market Gainers Today

Ethena (ENA)

Price: $0.4544
24-Hour Gains: +11%

ENA price soared as the crypto project reassured users that its stablecoin USDe remains solvent despite the recent Bybit hack.

Bitget Token (BGB)

Price: $5.05
24-Hour Gains: +8%

Bitget’s BGB token soars amid its rival exchange’s hack saga, and the Bitget wallet launching a limited-time BGB on-chain staking program.

Jito (JTO)

Price: $2.84
24-Hour Gains: +5%

JTO price gains alongside S. Korean cryptocurrency exchange Upbit’s announcement to list the token in the KRW market.

Top Crypto Market Losers Today

Mantle (MNT)

Price: $0.883
24-Hour Loss: -15%

Berachain (BERA)

Price: $7.16
24-Hour Loss: -12%

Sonic (S)

Price: $0.8546
24-Hour Loss: -10%

Overall, the current investor sentiment remains highly uncertain surrounding the crypto sector’s future, with prices taking heat amid Bybit’s hack and massive liquidations.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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