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Ethereum Fees Plunge 69% Following A Yearly High In May, What This Means For ETH
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Ethereum Fees Plunge 69% From Yearly High, What This Means For ETH

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Ethereum (ETH)

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In a significant development for the Ethereum network, average transaction fees have witnessed a sharp decline. This plunge comes shortly after the Ethereum network recorded a significant spike in fees in May driving it to a yearly high.

According to the latest data from the popular market intelligence platform Santiment, Ethereum fees have now settled somewhere below $5 from the yearly high of above $10 per ETH transaction in early May. It is worth noting that this latest update marks a positive shift for Ethereum users and the broader ecosystem.

The Return To Normalcy: Ethereum Fees Reclaim Stability

On the last day of May, Santiment data revealed Ethereum fees have dropped by roughly 69% from their yearly high of $14 per ETH transaction in early May. The data shows ETH fees have now settled at $4.28 per transaction in the past hours. 

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Notably, the surge in Ethereum fees during the meme coin frenzy, fueled by the popularity of the frog-themed meme coin Pepe (PEPE) token, had initially led to inflated transaction costs for Ethereum users.

However, recent data highlights a welcome reversal of this trend, with fees plummeting back to more reasonable levels. The 69% decrease in transaction fees over a mere 25-day period signals a positive outlook for Ethereum’s network adoption and user engagement.

According to the Santiment team, the decline in fees is a promising sign that Ethereum is becoming more affordable for users, consequently encouraging greater utility and activity within the network.

Lower transaction costs not only attract new users but also incentivize existing participants to make full use of Ethereum’s capabilities.

As fees normalize, it paves the way for enhanced accessibility, making Ethereum a more considerable platform for various applications, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.

Self-Custody Trend And ETH Supply

Another noteworthy trend accompanying the fee reduction is the declining percentage of Ethereum supply held on crypto exchanges. Recent data also from Santiment reveals that the Ethereum supply on exchanges has reached an all-time low of 10.31%.

This decrease is a result of the growing preference for self-custody solutions among Ethereum holders due to security concerns related to centralized exchanges. Additionally, regulatory uncertainties surrounding the classification of ETH as a security or commodity have contributed to this shift.

For context, Self-custody refers to the practice of holding one’s assets in secure wallets and personal accounts rather than relying on third-party exchanges. The increased self-custody of ETH indicates a rising level of confidence among holders and a desire to retain control over their digital assets.

This development aligns with the ethos of decentralization and further strengthens Ethereum’s position as a trusted and secure platform for value transfer and smart contracts.

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Ethereum’s Block Size Surges To 1-Month High – What This Means For ETH

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The combination of lower transaction fees and the rise of self-custody underscores Ethereum’s growing maturity and resilience as a blockchain network. These developments not only foster confidence among existing users but also attract new participants to join the Ethereum ecosystem.

Meanwhile, ETH hasn’t shown any noteworthy spike in the past weeks aside from a 4.3% increase over the past 7 days. The second crypto asset by market capitalization has surged nearly 5% in the past week. And over the past 24 hours, ETH has seen a 0.4% loss in value.

Ethereum (ETH)’s price chart on TradingView
Ethereum (ETH)’s price moving sideways on the 4-hour chart. Source: ETH/USD on TradingView.com

At the time of writing, Ethereum currently trades at $1,860 as its trading volume has also plummeted from nearly $8 billion last Thursday to $6.4 billion in the past 24 hours.

Featured image from Shutterstock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

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