The price of Ethereum has been mediocre recently, and transaction activity has stagnated, causing the gas fee of the Ethereum main network to continue to decline. According to Dune Analytics data , the median gas fee dropped to a minimum of 0.6 Gwei this week and is now at 0.915 Gwei, a record A five-year low, and has dropped by more than 95% from 83.1 Gwei in March when online activity surged.
The Ethereum spot ETF was approved at the end of July, but the price of Ethereum has continued to fall. On the 5th, it reached as deep as 2,111 US dollars, setting a new low since the beginning of January this year. It has rebounded, with a maximum of 2,780 US dollars on the 14th. It is now Quoted at $2,602.
Is Ethereum about to soar?
However, Ryan Lee, chief analyst at Bitget Research, said that the record drop in Ethereum’s gas fees has historically been a signal that Ethereum will rise:
Every time ETH gas fees hit bottom, it often heralds a mid-term price bottom. ETH prices tend to rebound strongly after this cycle, and when this moment coincides with the interest rate cut cycle, the market's wealth creation effect is full of possibilities.
In response to the decline in gas fees on the Ethereum main network, Ryan Lee said that the lack of demand for Ethereum block space and the preference for using applications on other blockchains may be the reasons for this result:
Ethereum gas prices have dropped to a five-year low, which can be attributed to the migration of Meme Season and Dapp interactions to faster, cheaper blockchains like Solana and Layer 2, as well as the long-awaited Dencun upgrade improving the network efficiency, thereby reducing gas costs.
Solana, TRON on-chain trading tips
At present, the on-chain transactions of Tron and Solana are more popular than that of Ethereum. Defillama data shows that the current single-day gas fee of Tron has reached 1.52 million US dollars, Solana has reached 846,000 US dollars, while Ethereum has only 834,000 US dollars. Income was US$1.52 million, US$423,000, and US$300,000 respectively.
It is worth noting that earlier this month, Solana’s ecological meme currency launch platform Pump.fun once generated US$5.33 million in revenue in a single day, far exceeding the sum of public chains such as Ethereum, Tron, and Solana. In January, Pump.fun's revenue reached US$28.73 million, and the platform's cumulative revenue reached US$94 million.
At the same time, according to Lookonchain monitoring, since the launch of SunPump, the first meme currency launch platform in the TRON ecosystem, 4,844 meme coins have been established on TRON, bringing in revenue of 1.84 million TRX (USD 246,600).
