Waiting for the next on-chain narrative


$103,063.00
6.11%$2,191.15
20.73%$2.32
8.81%$627.45
4.06%$163.60
11.01%$0.999907
-0.00%$0.196299
13.97%$0.763791
13.68%$0.256804
3.11%$2,186.14
20.67%$4.00
19.62%$103,243.00
6.54%$15.80
14.16%$22.25
13.74%$2,641.68
21.41%$0.29107
11.84%$0.0000143
11.56%$418.57
8.66%$0.194599
10.64%$8.83
0.43%$0.999863
-0.01%$3.20
6.12%$23.27
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4.80%$4.45
11.98%$2,189.20
20.63%$297.62
5.40%$4.49
6.39%$0.999996
0.01%$2,341.50
20.74%$103,078.00
6.25%$0.66205
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6.37%$421.52
15.06%$6.08
24.65%$5.49
14.43%$2.74
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3.45%$32.93
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6.26%$12.48
13.49%$0.02889063
15.94%$4.72
12.02%$0.250206
14.47%$1.003
0.25%$102,904.00
6.31%$4.54
9.02%$1.17
0.15%$0.776909
14.39%$0.33816
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5.17%$11.00
1.91%$0.474029
9.86%$2.05
44.64%$171.20
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21.02%$0.856689
4.42%$0.0199869
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20.61%$1.23
20.51%$0.076541
4.28%$0.229865
15.29%$103,044.00
6.33%$0.690287
15.66%$4.22
9.56%$0.627612
17.00%$11.16
16.90%$1.00
0.09%$205,971.00
113.86%$2,494.02
21.34%$0.753776
12.85%$0.103498
13.08%$628.71
4.27%$1.003
0.29%$0.00009123
19.21%$0.01388694
20.97%$0.999789
0.01%$210.96
10.80%$0.01775547
14.15%$0.954561
22.13%$0.844427
17.52%$14.75
1.56%$180.93
10.92%$103,164.00
6.48%$2,332.60
20.90%$3,317.38
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5.72%$0.01785431
17.41%$101,848.00
5.52%$0.626496
13.05%$3,319.06
-1.96%$0.999968
0.00%$0.319281
16.20%$0.23015
11.24%$0.769743
9.32%$0.00000075
6.83%$0.073597
35.03%$3.99
9.66%$21.71
20.15%$2.23
9.67%$0.120027
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20.98%$0.685481
18.08%$42.11
3.47%$0.411545
10.95%$0.997597
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13.68%$0.99832
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11.23%$1.91
15.23%$0.593346
9.80%$2,294.96
21.04%$0.731516
18.97%$1.11
1.01%$3.65
13.25%$0.634944
25.37%$0.01011395
21.74%$20.40
32.54%$0.152016
11.05%$0.466149
20.56%$0.00575404
9.93%$110.98
0.01%$102,951.00
6.07%$0.203249
23.07%$0.468952
8.08%$0.196861
14.34%$7.70
12.40%$0.997793
-0.13%$0.636491
12.33%$102,811.00
6.31%$1.38
10.50%$0.999896
-0.00%$2,189.35
20.71%$2,324.76
20.33%$0.150245
16.31%$2,189.01
20.70%$0.065095
-1.17%$100,038.00
5.20%$0.00002312
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1.38%$0.999896
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16.84%$2,195.89
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8.71%$0.00844981
12.79%$2.75
16.30%$3.68
19.58%$0.085501
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3.04%$0.00000043
3.86%$0.04418213
12.31%$0.167622
5.43%$0.090373
12.74%$0.156862
4.86%$0.0059325
9.70%$0.249997
14.31%$1.086
0.02%$0.997778
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20.65%$1.49
17.15%$43.50
11.25%$0.591705
19.93%$0.00000099
22.47%$0.404039
10.72%$33.26
2.26%$0.03666307
6.61%$0.00429628
7.42%$0.01870677
4.80%$0.371488
3.06%$0.354779
22.18%$1.00
-0.06%$21.48
0.38%$0.17596
4.73%$0.31857
19.02%$2,173.92
20.80%$1.00
-0.02%$0.00006382
7.99%$0.7619
15.87%$0.823286
7.11%$0.726079
8.08%$103,008.00
6.17%$1.001
0.10%$123.84
14.20%$0.999865
-0.07%$1.31
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21.23%$1.00
-0.00%$0.0031077
10.15%$102,489.00
5.82%$22.27
13.92%$0.525936
1.59%$0.219822
15.43%$1.11
42.44%$2.70
9.70%$0.243405
9.78%$23.17
9.73%$2,405.88
20.86%$0.00000146
-0.61%$1.098
-0.08%$0.03438979
8.25%$2,382.97
20.59%$23.15
7.99%$1.00
0.04%$3.44
11.77%$0.56364
7.69%$3,335.63
-0.45%$0.00313104
10.51%$16.87
14.64%$2,188.06
20.63%$0.275506
8.13%$2,358.97
20.71%$3.37
20.56%$23.16
9.63%$0.00363013
15.61%$2,069.27
6.09%$0.03842175
9.57%$1.26
-5.61%$2,187.48
20.89%$0.01342522
11.93%$2.77
3.15%Reading
Ethereum transaction fees have slipped toward 2022 lows, data from Coin Metrics shows, amid a drop in on-chain activity from NFT sales, meme coin trading, and Telegram bots subsides.
The average fee for transfers on Ethereum now stands at $1.83, while the cost of token exchange via Uniswap is approximately $4.17, per Etherscan data—levels not seen since November last year in the wake of the collapse of FTX.
As the demand for gas on Ethereum goes down, Ethereum has turned inflationary in one of the few such periods since the Merge in September 2022.
In the past week, Ethereum’s supply increased by 4,092 ETH tokens worth around $6.6 million, per Ultrasound.money data.
Ethereum on-chain activity picked up at the start of 2023 with a spike in NFT trading volumes partly fueled by the Blur token airdrop frenzy, and an increase in ETH price.
The burn rate further accelerated amid a meme coin hype in the second quarter.
However, Ethereum’s supply has flatlined since then as on-chain activity has cooled, with a slight increase recorded in September.
Nansen analyst Martin Lee told Decrypt that “Daily active addresses and transactions have more or less been sideways for the past year. Active addresses hovering around ~400,000, and transactions ~1 million.”
One notable change over the past month, according to Lee, is that, “the largest gas consumers have been DeFi-related, with NFTs dropping off.”
NFT sales volume has failed to pick up since the second quarter of this year. According to data from Crypto Slam, the number of unique wallets buying and selling NFTs have dropped more than three times since the years.
Telegram bots such as Unibot and Banana Gun have also cooled down after a brief spike in activity during July and August, per Dune dashboards by pseudonymous data analyst Whale_hunter.
A slew of tech bros—including the richest man in the world, Elon Musk—have adopted Mog Coin’s crypto-famous branding, apparently leading the Ethereum and Base token to pump 51% on the week, per data from CoinGecko. Mog Coin (MOG) is a meme coin referencing the slang phrase “mogging” or “to mog,” a term that originated on controversial image board 4Chan in 2016, according to KnowYourMeme. Put simply, it means to dominate somebody or something, often via physical strength or good looks. However, t...
New York prosecutors tried and failed to solicit the Securities and Exchange Commission’s opinion on Ethereum to bolster their case against KuCoin in 2023, according to newly released SEC records acquired by Coinbase. The exchange is one of many private conversations unearthed by a Coinbase FOIA request, offering a glimpse at the behind-the-scenes politicking that has shaped U.S. authorities’ approach toward the crypto industry over the past few years. In an email dated June 2023, the New York A...
Layer-1 blockchain Aptos saw an increase in new developer interest following the viral social media campaign from user BuzzlamicJihad. So much so that Ash Pampati, head of ecosystem at Aptos, told Decrypt that the Aptos Foundation would be “super open” to bringing the user onto its team. Aptos surged 17% in a single day in February, as BuzzlamicJihad’s unofficial “community takeover” of the network went viral on social media. Following Aptos Labs founder and CEO Mo Shaikh stepping down in Decemb...