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Recently, the Ethereum market price has performed strongly, breaking through the 4700 USD mark. However, unlike previous bull runs, this price breakthrough has not triggered the expected surge in on-chain activity.
According to data analysis platforms for blockchain, on August 13, the Gas fee on the Ethereum network was only 1.901 gwei, far below the historical levels commonly seen during a bull run of over 50 gwei. This data indicates that, despite the price rise, the actual usage frequency of the Ethereum ecosystem has not significantly increased.
This phenomenon has sparked discussions among market participants regarding the current health of the Ethereum ecosystem. Some analysts believe that the low Gas fees may reflect that investors are still observing and have not yet participated in on-chain activities on a large scale. On the other hand, there is also the viewpoint that this could be a result of network optimization, allowing transaction costs to remain at a low level even during high price periods.
Regardless, this unique phenomenon is worth ongoing attention from the industry. As the market continues to evolve, the relationship between Ethereum network activity and price may reveal more insights into the dynamics of the cryptocurrency ecosystem.