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X (Twitter) at its Crypto Finest

  • Scroll made the UI for Marks tracking
  • LayerZero identified 803k sybil addresses
  • Linea started Surge, the point campaign for Linea users
  • More on Linea: testnet on Goerli shuts down after May 31st
  • BounceBit’s launched Mainnet and $BB
  • Rabby Points claim is available until 31st May
  • Drift airdropped their token
  • Blast changed the date of airdrop to June 26th

Now let’s focus on some on-chain and DeFi analytics to be fully immersed in the latest trends.

Ethereum Gas Fees Have Dropped by 94%

According to the data on Ethereum gas fees, the average daily cost in USD for doing transactions has declined by >90% from the price peaks in March 2024. Current transaction fees fluctuate around $1.60, resembling the fees of L2 protocols before the Dencun update.


The last time values hit such a low threshold was in October 2023. However, that period didn’t last long, and currently, low fees seem to become a trend. The question is: why has it happened? Here are possible reasons.

Reason #1: Switch to L2-solution

Many traders and liquidity providers are switching to L2 rollups on Ethereum to harvest airdrops and participate in initiatives. The costs of creating one's own blockchain on Ethereum have significantly lowered thanks to technological innovations and such projects as OP Stack and Arbitrum Orbit.

These tools help developers to deploy protocols faster, speeding up the overall creation of new solutions. Alongside the general rise of crypto projects and the current bullish crypto market, new protocols like Mode, Blast, and Linea are encouraging investors to provide liquidity and trade on their platforms by sharing part of the revenue through airdrops.

This inspires people to bridge their assets and participate in campaigns outside the Ethereum mainnet. As a result, Ethereum's activity decreases, ending up with lower gas fees.

Daily trading volume on Linea (L2 on Ethereum), February-May 2024.


Reason #2: Decrease in Speculative Activity

People are moving from Ethereum to other blockchains to trade. Even current low fees can’t compete with those L2 solutions and blockchains like Solana, Sui, and Aptos offer. Their transactions cost less than $0.01.

No wonder, daily traders choose cheaper solutions. That leads to a decrease in trading volume on Ethereum. DefiLlama’s data shows that Ethereum's trading volume has almost halved over the last several months. Such tendencies can be a precondition for a return when a bearish phase. ETH's price stays relatively stable, avoiding dramatic falls, which is a positive sign.

Reason #3: Whales Have Changed the Strategy

Many large wallets are either taking profits or simply decreasing their on-chain activity. Some wallets find the current market stage optimal for selling their assets and cashing out expecting a traditional summertime stagnation of crypto.

Here is an example of such a whale found by LookOnChain.

In other cases, investors just withdraw their assets. Since summer is a holiday season, some large investors take part of their profits from funds for personal usage.

BTC Is on Its Way Up

It seems Bitcoin is only in the middle of its bullish cycle. Its market cap is currently growing faster than its realized cap, a pattern that has typically lasted around two years in previous market cycles.

If the trade remains, the current phase will last until April 2025. It means that we have plenty of time to invest in emerging projects and, what’s more important, the current protocols and chains have enough time to grow before the next winter.

Memecoin Rush

Source: X
Source: X

Memecoins may provoke controversial emotions but one thing is constant: people on the internet telling how they got rich thanks to memecoins. The recent publication by @TheRoaringKitty on X caused $KITTY to surge by 12,000%. That’s how it works.

Always remember that for one story of success, there are 99 stories of epic failure. Memecoin investments are for seasoned crypto investors who know how to tame those capricious and highly volatile coins.

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