Gas fees on the Ethereum network reached levels not seen since March last year as traders rushed to capitalize on the early stages of the ERC-404 trend.
Ethereum network gas fees reached an eight-month high amid a frenzy of interest for a new, unofficial, experimental token standard dubbed ERC-404.
Ethereum network gas prices reached an average peak of 70 gwei ($60 for a standard transaction) on Feb. 9, with peak gas costs surging as high as 377 gwei — a level not since May 12, 2023.
While the causes of the gas price surge can be attributed to various factors, the spike arrived around the same time as the hype around the ERC-404 token standard began to pick up steam throughout the crypto sector.
