ApeCoin Drops, Ether Trades Flat After Record $200M Gas Burn

– in gas fees trying to purchase land on Otherside. This is by far a record high for the network, surpassing a January peak of over 19,200 ether. The fees were burned, or destroyed permanently, effectively taking some $200 million in liquidity out of the market.Demand for ether to pay gas did little to move overall prices over the weekend. Price charts show ether hit lows of $2,743 on Saturday night before jumping $100 on Sunday and then falling to the $2,800 mark at publication time.

Prices of APE, however, fell 11% in the past 24 hours to just over $15. The tokens and their futures were some of the most traded in the past week, attracting higher-than-usual volumes and liquidations.

“[This] shows how inefficient it can be, which does not benefit the users that want to get access to NFTs and it might reduce the demand from NFT projects to utilize Ethereum as their network of choice,” he added. Others seconded the sentiment. “High fees are a double sword for public blockchains,” said Nikos Kostopoulos, blockchain advisor at Netcompany-Intrasoft. “From one point, they validate the success of a project and indicate a growing user base willing to pay high fees to utilize the network, while on the other side [they] are becoming a reason for users to seek alternatives.

Source: News Formal (newsformal.com)

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