Ethereum transaction fees skyrocket as the price of the Shiba Inu token rises

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!"

An overview of the cryptocurrency market today, May 9

An overview of the cryptocurrency market today, May 9

Bitcoin is approaching $ 60,000

As reported two days ago, the bears were in complete control of the market's first cryptocurrency, lowering the price to around $ 55,000. However, Bitcoin managed to reverse its trend and gradually increase its value.

BTC reached above $ 58,000 yesterday and continued to move after a slight correction. In the last 24 hours, Bitcoin has reached the level of $ 59,600. This is the highest price of this leading cryptocurrency since the market collapsed in mid-April.

However, BTC failed to continue its uptrend until it crossed the significant $ 60,000 resistance, thus falling below the $ 59,000 level. It has since risen 2% to its current level of $ 58027.

The benchmark for comparing the BTC market value with all altcoins also rose to 45% after 44% yesterday.

Set new records in Ether and Cardano

The Altcoin market has fluctuated sharply in recent weeks. Atrium, on top of all of them, has experienced intense price pumps. The market's second cryptocurrency broke the $ 3,000 level less than a week ago, and has now reached its all-time high of $ 3,980, setting a record.

Cardano, after setting his last record earlier this week, managed to touch the level of $ 1.73 and draw his highest price level in history. Binance Quinn has also increased to $ 650 in 24-hour timeframes.

Dogecoin, on the other hand, fell 25% to $ 0.55 after the long-awaited Elon Musk show aired.

The most important market winner today is Shiba coin. Inspired by Dodge Quinn, the token was able to enter the top 100 currencies in the market after 850% growth in one week. The currency has risen 160 percent in the last 24 hours alone.

Telcoin (32%), Polygon (28%), Bitcoin Diamond (16%), Venus (13%) and Qtum (10%) are next.

The total market value of cryptocurrencies rose to a record $ 2.460 trillion after rising $ 60 billion in one day.