Ethereum transaction fees skyrocket as the price of the Shiba Inu token rises
The price of the Shiba Inu (SHIB) token, which was created to compete with the Dogecoin, has risen 32,500 percent over the past 30 days, causing the Ethereum blockchain network to become crowded and commissions to rise.
According to Etherscan, the average Ethereum transaction fee at the time of writing is $ 9, and the average cost of transferring ERC-20 tokens is $ 28. Meanwhile, the token exchange fee at Uniswap Decentralized Exchange rose to around $ 260 in an instant yesterday.
"One of the main factors in the congestion of the Ethereum network could be the large volume of SHIB trade," said Larry Cermak, a digital currency analyst.
In fact, SHIB has become the center of attention of traders due to its price.
According to CoinMarketCap, the price of this token has increased by more than 500% during the last day and reached the highest figure of $ 0.0000195.
It is noteworthy that this token was traded more than a month ago at a price of $ 0.00000006.
It is not entirely clear what can accelerate the sudden and explosive growth of SHIB. Some users have referred to a recent tweet from Ilan Musk, CEO of Tesla and SpaceX, that his remarks have led to Dogecoin rising in price on several occasions in the past.
Mask responds to a tweet about real live dogs on May 7: "I'm looking for a SHIBA puppy!"