{"id":42266,"date":"2021-05-11T15:19:01","date_gmt":"2021-05-11T12:19:01","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42266"},"modified":"2025-08-30T22:27:54","modified_gmt":"2025-08-30T19:27:54","slug":"average-ethereum-transaction-fee-hits-60-amid-shib-hype","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/average-ethereum-transaction-fee-hits-60-amid-shib-hype\/","title":{"rendered":"Average Ethereum transaction fee hits $60 amid SHIB hype"},"content":{"rendered":"<p>On Tuesday, May 11, the average transaction fee on the Ethereum network hit an all-time high of $60. This was driven by the frenzy around Shiba Inu (SHIB), a clone of the meme cryptocurrency Dogecoin.<\/p>\n<p><!--more--><\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh5.googleusercontent.com\/Ho46CpSyJbBaZWdFTLhUBOd82j_4ZUJdh2KAkfdMYOQS_ZXh5LkJKIvJb6LxpcCa4qmyvbeisniQDiIfWgxxmTzL2LfEpY2kgCb7-qnaXBK25MDAEqregR8JovIVTlGsFksvc-m8\" alt=\"Average Ethereum transaction fee hits $60 amid SHIB hype\"\/><figcaption>Data:<a href=\"https:\/\/blockchair.com\/ethereum\/charts\/average-transaction-fee-usd?interval=3m\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> Blockchair<\/a>.<\/figcaption><\/figure>\n<p>Outlined below are approximate gas costs for various types of transactions at a median gas price of 198 Gwei. At the time of writing, the fee for an exchange on Uniswap is $136.07, and a deposit on Compound is $202.95.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh6.googleusercontent.com\/rEYcS-uFF8vWujqczHmRL_70wAYmIrlJd3YHY8N85HWIsYYrGyuaAOS43lGAxfXdM-FMAS4f0RkRwFYja_OhSrgEl2I8hHD98nE0XbjxBFN1j0_GKnzFfb6X-O_fQizXQzbGnfUT\" alt=\"Average Ethereum transaction fee hits $60 amid SHIB hype\"\/><figcaption>Data:<a href=\"https:\/\/duneanalytics.com\/kroeger0x\/gas-prices\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"> Dune Analytics<\/a>.<\/figcaption><\/figure>\n<p>The Block researcher Igor Igamberdiev noted that the rise in fees was sparked by SHIB hype. He said that interest in the token was buoyed by <a href=\"https:\/\/t.me\/forklog\/19155\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">the Binance listing<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">6\/8<\/p>\n<p>Because of SHIB, we are now seeing high gas prices.<\/p>\n<p>In the last three days, transactions with the SHIB token contract interaction consumed 10%+ of block gas.<\/p>\n<p>The chart shows that interest in SHIB was starting to fade, but the Binance listing brought it back to life. <a href=\"https:\/\/t.co\/o1rSVeVKGg\">pic.twitter.com\/o1rSVeVKGg<\/a><\/p>\n<p>\u2014 Igor Igamberdiev (@FrankResearcher) <a href=\"https:\/\/twitter.com\/FrankResearcher\/status\/1392040087744094209?ref_src=twsrc%5Etfw\">May 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The increase in volumes in the SHIB-WETH liquidity pool on Uniswap v2 began on May 7 and peaked the next day,&#8221; \u2014 <a href=\"https:\/\/twitter.com\/FrankResearcher\/status\/1392040075630940161\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">noted Igamberdiev.<\/a><\/p>\n<\/blockquote>\n<p>According to him, on May 8 Coinbase Wallet users also began buying SHIB. For this reason, the wallet recorded record trading volumes.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">5\/8<\/p>\n<p>The largest among the transactions going through the Uniswap router is associated with CEXs (probably MM).<\/p>\n<p>Interestingly enough, on May 8, Coinbase Wallet users also jumped into the game and started buying SHIB.<\/p>\n<p>Because of this, the wallet yesterday had record volumes. <a href=\"https:\/\/t.co\/Hp0udoxojF\">pic.twitter.com\/Hp0udoxojF<\/a><\/p>\n<p>\u2014 Igor Igamberdiev (@FrankResearcher) <a href=\"https:\/\/twitter.com\/FrankResearcher\/status\/1392040081523888131?ref_src=twsrc%5Etfw\">May 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Vitalik Buterin is<a href=\"https:\/\/u1f987.com\/en\/news\/vitalik-buterin-emerges-as-the-largest-holder-of-shiba-inu\"> the largest holder of SHIB<\/a>. Igamberdiev noted that the Ethereum co-founder \u201ccould simply withdraw 93% of the pool\u2019s liquidity without any price impact.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">2\/8<\/p>\n<p>49.5% of the token supply was added to Uniswap after token creation.<\/p>\n<p>LP tokens from this pool were sent to <a href=\"https:\/\/twitter.com\/VitalikButerin?ref_src=twsrc%5Etfw\">@VitalikButerin<\/a> along with the remaining SHIB.<\/p>\n<p>Therefore, Vitalik, instead of selling, can simply withdraw 93% of the pool liquidity without any price impact ($118M). <a href=\"https:\/\/t.co\/aepGZqDeL6\">pic.twitter.com\/aepGZqDeL6<\/a><\/p>\n<p>\u2014 Igor Igamberdiev (@FrankResearcher) <a href=\"https:\/\/twitter.com\/FrankResearcher\/status\/1392040062033047554?ref_src=twsrc%5Etfw\">May 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to the researcher, unrealised gains of the top-50 \u201c<a href=\"https:\/\/www.marketwatch.com\/story\/tendies-diamond-hands-your-guide-to-the-lingo-on-wallstreetbets-the-reddit-forum-fueling-gamestops-rise-11611780829#:~:text=If%20you've%20got%20%E2%80%9Cdiamond,situation%20might%20be%20too%20much.\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><span data-descr=\"users who bought assets and did not sell them despite risks and losses\" class=\"old_tooltip\">Diamond Hands<\/span><\/a>\u00bb ranges from $5 billion to $2.5 billion.<\/p>\n<p>Of the top ten SHIB holders, only one sold tokens in the last week. Igamberdiev noted that this, he said, stems from the coin\u2019s low liquidity.<\/p>\n<blockquote class=\"twitter-tweet\" data-conversation=\"none\">\n<p lang=\"en\" dir=\"ltr\">8\/8<\/p>\n<p>According to Nansen, out of the Top 10 traders\u2019 balances, only one sold tokens in the last week.<\/p>\n<p>As already mentioned, the main reason for this is the very low liquidity, which will not allow to cash out in size.<\/p>\n<p>Let\u2019s see what happens when retail interest disappears <a href=\"https:\/\/t.co\/hhQ8tAEJcv\">pic.twitter.com\/hhQ8tAEJcv<\/a><\/p>\n<p>\u2014 Igor Igamberdiev (@FrankResearcher) <a href=\"https:\/\/twitter.com\/FrankResearcher\/status\/1392040096682098690?ref_src=twsrc%5Etfw\">May 11, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier analysts identified two wallets whose holders had accumulated substantial SHIB before the price rally. The unrealised gains of one of them are estimated<a href=\"https:\/\/u1f987.com\/en\/news\/user-makes-about-2-billion-from-37-eth-thanks-to-shiba-inu-rally\"> at $2.4 billion at the current rate<\/a>.<\/p>\n<p>As reported, on May 10 the price of Shiba Inu briefly reached $0.000033,<a href=\"https:\/\/u1f987.com\/en\/news\/shiba-inu-jumps-140-in-24-hours-to-a-new-high\"> updating an all-time high<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On Tuesday, May 11, the average transaction fee on the Ethereum network hit an all-time high of $60. This was driven by the hype around Shiba Inu (SHIB), a clone of the meme cryptocurrency Dogecoin.<\/p>\n","protected":false},"author":1,"featured_media":42267,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,1227,46,1525],"class_list":["post-42266","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-cryptocurrency-transactions","tag-ethereum","tag-shiba-inu"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42266","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42266"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42266\/revisions"}],"predecessor-version":[{"id":42268,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42266\/revisions\/42268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42267"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42266"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42266"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42266"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}