User Pays $2.6 Million to Transfer Just $130 Worth of ETH; By Far the Highest Fees Ever Paid
After climbing above $240, the second-largest cryptocurrency has slowed down and is keeping around this level.
The percent of Ether supply in profit, which is the percentage of calculating ETH whose price at the last time it moved on-chain was lower than the current price, is currently hovering at 80%.
It is the third attempt by ETH within a year to break this level. Last time the Ether’s supply in profit was significantly above 80% was when ETH was priced at about $700, noted Glassnode.
“ETH/BTC really coiling for a move leading into 2.0 phase 0 shenanigans. Cloud leans bull (not shown) for first time since mid-2018. golden cross poss soon. 0.025 key res, 0.035 target. expect mETHeads to come out of the woodwork soon,” observed trader Josh Olszewicz.
Million Dollars Paid in Fees
For now, Ether is holding steady just like Bitcoin but lately, its daily fees have been surpassing the bitcoin fees, something that has happened only for 141 days (8%).
Today, in a surprising move Ethereum fees shot up to $2,599,329.83 within a single hour, by far the highest value ever seen.
We are further investigating the incident of unusually high tx fee, and you are welcome to provide clues to [email protected] SparkPool has had the experience of handling similar issues properly. There will be a solution in the end. https://t.co/mZc49Q0Y4r
— SparkPool.eth (@sparkpool_eth) June 10, 2020
This increase was because of a single transaction that spent 10,668.73185 Ether worth 2.59 million USD in fees to transfer 0.55 ETH worth just $130.
The gas fees were paid to SparkPool, a China-based ethereum mining pool that has frozen the fees and negotiation.
“My theory about these transactions is it is hackers who are laundering eth,” said Arpit Agrawal of Matic Network.
As for how they are guaranteeing that the partner mines the block, “sending a local tx to their node. i.e. not broadcasting it. Then the miner attempts to put that in every block they are mining,” he shared.
Back in 2018, a user was charged 236 ETH worth $122,086 in gas fees but it is nowhere near today’s record.
Increased Anticipation for ETH 2.0
Ethereum meanwhile has been seeing a surge in its usage this year with the number of new addresses involved in more than one Ether transfer grown significantly.
Those addresses that have made 3+ transactions have jumped 159% to 32,000. More than 100% increase has been seen by 5+, 10+, 25+, and 50+ transactions.
Moreover, investors are extremely excited about Ethereum staking, with now almost 120,000 Ether wallets ready for staking, as per Arcane Research. These addresses with more than 32 ETH, the requisite for staking, have grown 13% over the past year.
There is much excitement for the launch of Ethereum 2.0 though the switch to proof of stake has gone through several delays already. However, the upgrade is expected to be deployed as soon as next month.