There are specific parameters or key points that exist when the price of a commodity or a digital asset, say a cryptocurrency is about to increase or maintain a certain consistency. Given the recent bullish run with Ethereum and how effectively it has managed to stick with it, the only plausible key point there was a sudden increase in the transaction volume taking place on its blockchain. This was happening because the gas prices on the Ethereum blockchain effectively decreased, and suddenly every trader was making their move, making transactions and such on the Ethereum blockchain.
It continued for a while, but then the main factor that was keeping all of it afloat turned against this whole operation; well, the prices of gas are already spiking on Ethereum’s blockchain. Due to this very reason, the price for a single transaction has reached $300 almost which is nerve-wracking for all those traders having an excellent time earlier.
Ethereum Bullish Run and Active Trading Go Down the Hole
The current gas price has increased all the way to $51, whereas previously, these were kind of saturated at $20, the very reason for a keen interest in this platform by active traders. The very reason why this is happening is unorthodox, and at first, someone with a keen knowledge of cryptocurrencies might have a hard time believing it.
The meme cryptocurrencies such as the Dogecoin and its newly introduced rival known as Shiba Inu, known as the Dogecoin killer, are behind this. These cryptocurrencies offer more like a pump and dump approach where people can buy these in bulk due to a retarded price value and when the market takes a positive turn, it will simply be chipped back in heavy profit margin.
This might prove effective for the time being. Still, it is not a proper way to tend to crypto trading, and due to this very reason, traders have shifted their attention towards these meme cryptocurrencies. Ultimately the prices have surged for the gas and, therefore, for the Ethereum transactions.