The new ERC-404 tokens have quickly come into the spotlight, dominating the cryptocurrency market and steadily attracting the interest of investors and traders. This increase in euphoria has led to a substantial increase in ethereum gas feesbringing costs to their highest levels in the last eight months.
ethereum gas fees soar
ethereum gas fees have risen to record levels, reaching levels not seen since March 2023, when the average gas price peaked at 101.26 Gwei. The sudden increase in ethereum-gas/” target=”_blank” rel=”nofollow”>ethereal gas The prices have been attributed to the recent hype around ERC-404 tokens, an experimental token standard that allows native fractionation of ethereum–nft-boom-behind-the-2-rise/” target=”_blank” rel=”nofollow”>Non-fungible tokens (nft).
Currently, reports from Etherscan, an ethereum block explorer and analytics platform, reveal that on Friday, February 9, 2024, ethereum gas rates reached an average gas price of 71.4 Gwei, with a maximum and minimum gas price of 59,956 Gwei and 34.4 Gwei respectively.
This price is the highest ethereum gas fees have reached since their explosive peak in May 2023, when the average gas price rose to 155.8 Gwei.
The popularity of ERC-404 can be attributed to the Pandora team announcing the unofficial token and taking advantage of its high liquidity. Additionally, several cryptocurrency traders have shown immense interest in the new token, aiming to capitalize on its potential and maximize its liquidity.
A merchant recently won $59,000 of the popular ERC-404 token. He revealed that his “secret to making money” was to buy and sell the ERC 404 token, MINER, using high gas fees as an advantage.
The co-founder of Gaslite GG, identified as 'Pop Punk' on X (formerly Twitter), has also foretold that the introduction of ERC-404 tokens will lead to a continuous daily increase in the average price of ethereum gas.
About the ERC-404 token standard
Earlier Thursday, the market capitalization of ERC-404 tokens skyrocketed to $296 million, heralding their arrival in the crypto market. The token standard was launched on February 5 and has gained immense traction in cryptocurrencies.
Although ERC-404 tokens remain unofficial due to the absence of a full audit and endorsement by ethereum-devs/” target=”_blank” rel=”nofollow”>ethereum developers, have witnessed a significant increase in the days following their release. One of the featured ERC-404 tokens, Pandora, recently experienced a ethereum-erc-404-tokens-leaders/” target=”_blank” rel=”nofollow”>increase of more than 400%.
Experimental tokens have gained widespread popularity due to their unique approach of bridging the gap between fungible and non-fungible tokens for better liquidity and fractionation.
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