Deniz 
Beginning September, the average Ethereum transaction fee had dropped below $1 USD for the first time since July 2020, well before Ethereum’s proof-of-stake merger, blob improvements, or even the founding of the Bored Ape Yacht Club NFT collection.
But during the last two weeks, Ethereum’s seven-day moving average transaction fee has surged. More than treble the worth of $0.85 on Sep. 1, its most recent value, on September 2021, was $3.52.
The rebound in transaction fees has also raised Ethereum’s burn rate, which has likewise surged from a value of 80.27 eth on Sep. 1 to 1,360 eth on Sep. 21, a 1600% gain in just three weeks.
Along with its V2 edition, Uniswap led the list of top gas-consuming smart contracts on the network in the last 30 days; furthermore present on the list were Telegram-centric crypto and NFT trading bots Maestro and Banana Gun. Additionally included on the list are Ether transactions involving stablecoins Tether (USDT) and Circle’s USD Coin.
The seven-day moving average of active accounts on the network has dropped drastically to its lowest value year-to-date, in an 11% drop from its value at the beginning of the month, despite the surge in transaction fees and burns. Since Dec. 1, 2023, the network’s lowest value is the current value of roughly 385,000 accounts.
Particularly as the ratio of Ethereum to Bitcoin’s market capitalization dropped to its lowest point since 2021 last week before somewhat recovering, the second-largest cryptocurrency by market capitalization in the world has come under fresh examination all around the crypto scene. Bitwise CIO Matt Hougan noted recently, “No one likes Ethereum right now,” then calling the chain a “contrarian bet.”
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