Crypto Game
  • Advertise
  • Submit a Press Release
  • Contact Us
Blockchain & Cryptocurrencies Tabloid
  • Finance & Blockchain News
  • Bitcoin News

    Changpeng Zhao Predicts Bitcoin Gain Over Real Estate

    Changpeng Zhao Predicts Future BTC Value Over US Homes

    Bitcoin Treasury Corporation Buys 292.8 BTC for $31.6 Million

    Coinbase CEO Confirms Weekly Bitcoin Purchases

    Coinbase Increases Bitcoin Purchases Under Armstrong’s Leadership

    Binance’s Zhao Envisions 0.1 BTC as New Wealth Benchmark

  • Altcoin News
    • All
    • Bitcoin Cash
    • Cardano
    • EOS
    • Ethereum
    • Litecoin
    • Monero
    • Ripple
    • Stellar

    Solana Price Speculation: Key Factors Before June Closes

    Shiba Inu Sees 12,000% Burn Rate Spike

    Dinari Gains Approval for First U.S. Tokenized Stock Platform

    GF Securities Launches Yuan-Backed Tokenized Securities in Hong Kong

    Pi2Day Sparks Speculation over Pi Coin Listing

    XRP Lawsuit: Ripple and SEC Appeal Status Update

    Trending Tags

    • Ethereum
    • Bitcoin Cash
    • Litecoin
    • Monero
    • Ripple
  • Crypto 101
    • All
    • Cryptocurrencies
    • Exchanges
    • Services
    • Wallets
    Benefits Of Choosing the Right AI Trading Bot

    4 Benefits Of Choosing the Right AI Trading Bot

    Crypto Trading

    A Beginner’s Guide to Crypto Trading: Unlocking the World of Digital Coins

    BitcoinGames.com

    BitcoinGames.com Introduces the Ultimate Casino Gaming Experience with Bitcoin

    How AI is Helping Athletes and Fans Get the Most out of the Game

    From Training to Judging, AI is Entering the Ring

    Top 5 Websites for Buying Gift Cards with Crypto

    Clutch Savours – Gift Certificates You Can Buy with Crypto

    Layer 2 Blockchains

    Everything You Need To Know About Layer 2 Blockchains

  • Blockchain Events
No Result
View All Result
Blockchain & Cryptocurrencies Tabloid
No Result
View All Result

New Theories Regarding the Recent Ethereum (ETH) Gas Price Increase

Anca F. by Anca F.
July 16, 2018
in Altcoin News, Ethereum

During the weekend, the Ethereum (ETH) network experienced some heavy congestion, prompting many to speculate that this was the result of orchestrated spam transactions. Gas prices went up and above 200 GWei for higher speeds.

“The Gas price in the Ethereum network has increased significantly, sometimes reaching more than 200 Gwei. Source: https://t.co/hE126OmuMe pic.twitter.com/4kQ5zAC3PU.”

–  ICO Drops (@ICODrops) July 15, 2018”

The Ethereum gas station afterward managed to stabilize its gas prices, charging 9 GWei for the fastest transactions, and $0.047 on average for a transaction.

The iFish contract continues to issue token transactions, the gas price remaining unaffected for now. There was a time when the smart contract required as much as 40% of gas prices. According to a Reddit user called probablynotarussian, the successive transfer of tokens shows that the gas cost reached nearly 50 Ethereum per hour, keeping this trend for around a day.

The iFish smart contract was also linked to one suspicious address, which stored large amounts of EOS for months, which were then most likely transferred and converted in a new token. However, such a high quantity of EOS on the network made some suspect that there was an intentional effort which worked to spam the Ethereum network, leading to the congestion.

One theory regarding this would involve the donated EOS being converted into Ethereum, which was then used to in circular transactions, thus producing fake volume, driving transaction fees higher and making the network run slower.

The congestion followed a previous big gas price spike on July 2, when fees for one transaction reached at one point 5 ETH. ICO smart contracts are usually to blame for traffic congestions, compared to distributed applications.

Ethereum transactions usually are situated around 550,000 in 24 hours, the regular level being around 10 times more than what transaction are on the Bitcoin network. The constant shifting of tokens and the high fees are not in contravention with the network ’s rules – it just relocated transactions from other users.

The other possible factor could be a type of “growth hacking”, which is used to give tokens, smart contracts, or distributed exchanges more exposure, make them seem legitimate with a high number of transactions.

The Ethereum congestion occurred a few days apart from the IQ token distribution on the EOS network by the Evripedia project, which became one of the most notable networks based on its daily transaction volume.

However, the Ethereum network functions quite differently, having thousands of miners, as opposed to only 21 block producers, and features different speed limits.

ETH is currently trading at around $476 USD after it experienced a few minor drops, but it was not that affected by the network congestion, due to trading not depending on blockchain transactions.

Tags: ETHEthereumEthereum networktraffic congestion
Previous Post

LINE Released Its Cryptocurrency Exchange BITBOX: What Is It About?

Next Post

Evolve Markets Has Listed Dash (DASH) Coin

Anca F.

Anca F.

Related Posts

Solana Price Speculation: Key Factors Before June Closes

by Solomon M.
June 27, 2025

Solana Labs anticipates potential price changes before June's end, influenced by market trends.

Shiba Inu Sees 12,000% Burn Rate Spike

by Solomon M.
June 27, 2025

Shiba Inu's burn rate surged by 12,833%, impacting price and market engagement.

Dinari Gains Approval for First U.S. Tokenized Stock Platform

by Solomon M.
June 27, 2025

Dinari secures broker-dealer registration for tokenized stock trading on blockchain in the U.S.

GF Securities Launches Yuan-Backed Tokenized Securities in Hong Kong

by Solomon M.
June 27, 2025

GF Securities, in partnership with HashKey Chain, launches yuan-backed tokenized securities in Hong Kong following regulatory approval.

Pi2Day Sparks Speculation over Pi Coin Listing

by Solomon M.
June 27, 2025

Pi2Day's approach raises speculation on major exchange listings, boosting PI Coin interest.

XRP Lawsuit: Ripple and SEC Appeal Status Update

by Adriana M.
June 27, 2025

XRP's legal battle continues; Ripple's $50M offer contrasts with SEC's $125M demand amid ongoing appeals.

We Recommend

Top Rated Casinos
Bitstarz Casino

BitcoinCasino.io
Top Crypto Betting
1xBit.com
Top Rated Exchanges
Binance Exchange

Bityard.com
Top Advertising Services
Coinzilla Display Network
Top Crypto Wallets
Ledger Nano X

  • Terms and Conditions
  • Privacy Policy
  • Advertise
  • About Us
  • Contact Us

© 2018-2019 theccpress.com by Brantell Media.

No Result
View All Result
  • Finance & Blockchain News
  • Bitcoin News
  • Altcoin News
  • Crypto 101
  • Blockchain Events

© 2018 - 2019 theccpress.com, a Brantell Media project.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.