Last updated on May 18th, 2024 at 11:42 am
A recent analytic report shows that Ethereum (ETH) fees have surged more than 50% as a result of network activities on a “suspicious” token. According to a tweet from IntoTheBlock, a 57.8% increase in ETH fees has been recorded this week.
The data shows that 18% of the gas consumption comes from the newly launched VMPX token which it tagged as “suspicious.” Apparently, a significant amount of Ethereum fees have been spent on minting the VMPX token.
Ethereum fees spiked by over 50% this week, with a new, suspicious token $VMPX making up 18% of the gas consumption per @ultrasoundmoney pic.twitter.com/Tdt86oyW2U
— IntoTheBlock (@intotheblock) July 7, 2023
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IntoTheBlock did not give any further reason as to why the token was labeled ‘suspicious,’ however, it could be attributed to the high level of attention it has gathered since its launch.
For context, VMPX is a digital asset that was launched with the aim of connecting the Bitcoin and Ethereum blockchains. The token was founded and launched by Jack Levin who is also the founder of XEN Crypto.
Also, according to Ultrasound.Money – an Ethereum meme-based project that is focused on decreasing the supply of ETH, the VMPX token has made up about 30% of ETH burns in the last 24 hours.
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Meanwhile, Levin took to his Twitter account on July 4 to confirm that VMPX is number one in activity and gas usage on the Ethereum blockchain.
Happy July 4th. We are number one in activity and gas usage on ethereum, $VMPX: pic.twitter.com/2hlQ0Sg3Fy
— Jack Levin 🟧🦇🟦 (@mrJackLevin) July 4, 2023
Ethereum network growth on the rise
Santiment, a market intelligent platform confirmed earlier today that Ethereum network growth has silently been on the rise. According to the report, new addresses are being created “at an increased pace.” This could consequently lead to an increase in market cap.
Also, Whale Alert reported significant ETH transactions from unknown wallets to prominent exchanges. One whale moved 25,000 ETH from an unknown wallet to Gate.io.
Another transaction carrying 24,717 ETH from an unknown wallet to Coinbase was also recorded. On July 6, a whale moved 91,588 ETH (which converts to 174,311,076 USD) from an unknown wallet to another unknown wallet.
Ethereum (ETH) price today
Ethereum price CoinMarketCap
According to live data from CoinMarketCap, the price of ETH is capped at $1872. The price is down 1.62% in the last 24 hours. What’s more, Ethereum is ranked #2 on the CoinMarketCap chart with a live market cap of $224,646,204,011 ($224 billion).
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.