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Cryptocurrency News Articles
Vitalik Buterin Proposes New Calculation to Reduce ETH Transfer Fees As Ancient Ethereum Whale Dumps 3K ETH
Oct 25, 2024 at 03:00 am
Social media channels, especially X, are abuzz with complaints about the rapidly growing Ethereum PoS transaction fees. Ethereum's Vitalik Buterin has addressed this concern with a new fourfold calculation for reducing ETH transfer fees.
As the price of ETH suddenly dropped below $2,500, the crypto community paid close attention to the fluctuating price action. Although Ether managed to rebound to $2,528 a few hours later, the 6% price decrease on the evening of October 23, 2024, can be linked to fundamental aspects of the Ethereum blockchain.
Vitalik to Reduce Ether’s High Fees?
Complaints regarding the rapidly increasing Ethereum PoS transaction fees have flooded social media platforms, particularly X. In response to these concerns, Ethereum's Vitalik Buterin has proposed a new fourfold calculation to reduce ETH transfer fees.
I think my ideal is deep but selective cuts:
* Reduce the gas cost of every EVM opcode that's currently in the 2-5 range to 1, and in the 6-10 range to 2
* Cut gas cost of log by 4x
* Cut gas cost of precompiles (except the ones we want to retire)
* Can probably get 1.5x TPS…
In an effort to maintain Ethereum's competitive edge, Buterin claims to have identified a solution that could increase the crypto network's transaction speed by 1.5x. Specifically, Vitalik mentioned adjusting the default gas costs of certain Ethereum Virtual Machine (EVM) opcodes.
This news comes as Solana (SOL) has outpaced ETH in terms of daily collected gas fee revenue, largely due to Solana becoming a hub for meme coins.
Ancient Ethereum Whale Dumps 3K ETH
As the price of Ethereum continues to fluctuate around the key support level of $2,500, an early Ethereum investor sold 3,000 ETH tokens this morning for a total of $7.64 million. This smart money investor initially acquired 254,908 Ethereum coins for just $79,000.
The initial coin offering (ICO) netted this Ether whale a hefty profit of $646 million. According to real-time blockchain data, the whale still holds 37,070 ETH tokens following today's 3K sell-off, valued at $7.64 million.
An #Ethereum ICO participant sold 3K $ETH($7.64M) again 55 mins ago.
The last time this whale sold 7K $ETH($24.28M) was on July 1, after which the price of $ETH dropped nearly 15%.
This whale received 254,908 $ETH during the ICO(initial cost was $79K, now worth $646M), and… pic.twitter.com/iAZEVDKmkf
While this amount may seem insignificant in the grand scheme of things, it highlights a concerning trend. Notably, the same ICO investor sold 7K ETH on July 1st, which was followed by a 15% price drop and a wave of long position liquidations. Today's surge in ETH long liquidations has already wiped out $46 million.
To gauge whether the selling sentiment extended to other large investors, DailyCoin analyzed Ethereum's Chaikin Money Flow (CMF) on the 1-hour charts. As Ether traded at $2,528, the CMF indicator displayed a positive value of 0.03, suggesting that many large altcoin investors were accumulating ETH positions during this market dip.
On the Flipside
Why This Matters
Tracking the moves of early crypto adopters provides valuable insights into market timing, price dynamics, and future prospects of a coin.
Discover DailyCoin’s popular crypto news:
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- S. Korean Gov't to Set Up Virtual Asset Transaction Monitoring System
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