It’s been a choppy day for the market, and price action is looking very similar to May 2021 — which means we could be in for another period of ranged price action for majors. But the majors found a strong bid on the North American open, so there may be hope yet. As has been the case for the past few weeks, L1 tokens are the biggest winners today, led by FTM, SOL, AR, and ATOM.
Ethereum is Congested
It costs $10 to do a simple ETH transfer again, and median gas is now up to 150 gwei with occasional spikes to 1000-5000 gwei (not a typo). For most users, even transferring ETH across the network is no longer viable.
NFTs and the “mint-mania” are the primary reason for this, as collectors clog the chain minting their shiny, new NFTs. Tuesday’s market movements also played a key role, as several DeFi loans closed in on their liquidation thresholds.
But the argument that “nobody is using ETH because of high fees”