Ethereum gas prices surged to 126 Gwei, driven by trading activity of the newly popular WLFI token. Increased network congestion led to higher transaction costs.
WLFI Token and Its Effect on the Network
The WLFI token generated significant interest among traders and speculators, leading to a spike in trading volumes across decentralized exchanges and social media. This resulted in an overwhelming number of transactions on the Ethereum mainnet, causing congestion.
Reasons for Gas Price Increase
Gas prices on Ethereum are dynamic and rise with network activity. High demand for transactions, especially during hype around new tokens, significantly increases the costs of executing simple operations.
Tips for Managing High Gas Fees
Users are advised to check gas fee estimates on platforms like Etherscan or use Layer-2 scaling solutions such as Arbitrum or Optimism to avoid high fees. It is also recommended to utilize gas trackers and manually set fee limits in wallets like MetaMask.
The surge in gas prices on Ethereum driven by the WLFI token hype highlights the need for effective management of transaction costs. Users should consider these recommendations to minimize extra expenses.
