Bored Ape Yacht Club Apologizes for Spike in Ethereum Fees

Or you can use a computer to “mine” for them by solving complex math problems using computer software. These math problems get more complex as more coins are mined, in order to control the supply. The introduction of Eth 2.0 has generated optimism among cryptocurrency enthusiasts. As it was launched in multiple phases, with the first phase debuting in 2020, celebrities have benefited from the first NFT project, and awareness of blockchain technology continues to grow. Today, Ethereum ranks as the second-largest cryptocurrency globally and has a broad user and miner community. It operates with a more energy-efficient system called proof of stake, reducing energy consumption by a significant 99.9%.

The network is decentralized, making it highly resistant to any form of censorship or downtime. Yuga Labs says it will refund users those fees, but it’s unclear just how the company plans to do that. Also, Yuga Labs will ostensibly only cover the fees from failed transactions directly involving the company. If you’re a user who was attempting an unrelated transaction, you can say goodbye to those thousands in lost fees. Shiba Inu is still up just 25% for the year amid a sharp crypto rally that has seen the price of Bitcoin (BTC -0.11%) soar by more than 150%. So if you are thinking about investing in Shiba Inu, here are two important things to keep in mind.


The discount, reflecting how much lower the market price of each share is compared to the value of the Bitcoin it represents, has fallen from over 40% in June to around 7.6%, according to YCharts. Global investment fund house, VanEck, seems quite bullish on Ethereum and believes that Ethereum’s potential is as a “triple-point asset which includes capital asset, a consumer asset and a store of value. VanEck asserts that the market cap for Ethereum could exceed $2 trillion under the right circumstances. According to Cryptonewz, by the time it is 2025, Ethereum is expected to reach up to the maximum level of $6,500 and with a minimum price of $ 4,500. And for the year 2030, it is expected that the token may go up to a maximum of $20,500, with a minimum price of $14,000. As long as the Ethereum network keeps becoming stronger and the team continues to develop innovative features, ETH and its investors will likely continue to grow and prosper now and years to come.

  • According to DeFi Llama, more than half the money tied up in blockchain applications is on Ethereum.
  • But, this past Saturday night, the popular Bored Ape Yacht Club (BAYC) brand by Yuga Labs launched a brand new NFT project called Otherside.
  • In the world of digital assets, people often talk about Bitcoin the most, but also keep an eye on Ethereum which is regarded as the world’s second largest cryptocurrency.
  • The original Bored Ape NFTs can go for hundreds of thousands of dollars.

The idea for Ethereum was conceived by a programmer named in 2013, and it received contributions from notable figures like Gavin Wood, Charles Hoskinson, Anthony Di Lorio, and Joseph Lubin. Ark Invest sold 809,441 shares of Grayscale Bitcoin Trust (GBTC) worth $27.6 million from its Next Generation Internet (ARKW) exchange-traded fund (ETF) on Monday, marking the largest sale in over a year. This follows Ark’s sale of 12,000 GBTC shares on Friday, amounting to $409,000, $1.6 million on Wednesday, and $12.9 million on Monday, totaling $14.9 million in GBTC shares sold last week. And, Bill Barhydt, CEO of trading platform Abra, once said in an interview with CNBC, Ethereum could touch a price of $40,000. This is thanks to the various use cases of the Ethereum blockchain and the Ether cryptocurrency, he said.

2. Smart Contracts

The Ethereum blockchain previously operated on the Proof-of-Work consensus mechanism, requiring significant computational efforts from all decentralized nodes within the blockchain. But, this past Saturday night, the popular Bored Ape Yacht Club (BAYC) brand by Yuga Labs launched a brand new NFT project called Otherside. The project offered 100,000 “deeds” for “virtual land” in the form of NFTs. The original Bored Ape NFTs can go for hundreds of thousands of dollars. So, cryptocurrency investors lined up to try and score at least one of the 100,000 NFTs in its latest series.


In this phase, the network will have the capacity to process transactions, manage tokens, and execute smart contracts. The network, maintained by users worldwide known as Ethereum nodes, supports various applications, including decentralized finance (DeFi), gaming, and non-fungible tokens (NFTs). It’s a popular choice for both developers and users, offering a world of possibilities in the blockchain realm. Ethereum is an open-source blockchain with smart contract functionality and often used in the field of decentralized finance (DeFi). More than just a digital token, Ethereum is more like a network, maintained and updated by validators who earn Ether (ETH) in exchange for their work and contribution. Unlike Bitcoin, which caps out at 21 million possible tokens (not to be reached for more than a century), the supply of Ether tokens is indefinite.

Stocks to Watch as Ethereum Shows Promise for 2024

Ethereum’s platform supports Non-Fungible Tokens (NFTs), allowing the direct sale of artwork and other unique products from creators to buyers through smart contracts. Before Ethereum came along, developing blockchain-based applications was a complex endeavour, often requiring modifications to Bitcoin’s features or the creation of entirely new blockchains. One of its standout features is the Ethereum Virtual Machine (EVM), a tool that developers can use to create blockchain-related applications. Ethereum, the brainchild of tech visionary Vitalik Buterin, was conceived as an innovative blockchain technology with limitless potential. This sale follows a $5.5 million disposal of Coinbase shares on Tuesday, and Ark has sold over $200 million worth of Coinbase stock in the past month. Despite reaching yearly highs, Coinbase shares closed at $161.86 on the day of the sale.

Ethereum gas fees plummet to six-month low amid waning interest in DeFi and NFTs

This is because a block can only hold so much gas which varies based on transaction types and amounts. As a result, miners will choose transactions with the highest gas fees, meaning users are competing to validate transactions first. When Ethereum transitions to a Proof-of-Stake model, instead of miners verifying transactions, the network will use the owners of significant stakes to validate transactions. Ethereum’s hig gas fees are one reason a number of lower-cost alternatives have taken significant market share in recent years. Even so, Ethereum is the biggest smart contract crypto and hosts the lion’s share of applications, especially decentralized finance apps. According to DeFi Llama, more than half the money tied up in blockchain applications is on Ethereum.

Experts predict that ETH’s price could reach as high as US$15,000 in 2030, with potential highs of US$4,500 in 2022, US$5,000 in 2023, and US$10,000 in 2025. Check live rates, send money securely, set rate alerts, receive notifications and more. The Xe Rate Alerts will let you know when the rate you need is triggered on your selected currency pairs.

What wallet can I store ETH in?

Experts believe that the launch of Ethereum 2.0 will be a key factor which might support the ETH in the years to come. ETH 2.0 will largely help in eliminating the key problems which the Ethereum blockchain was facing due to its low transaction processing speed and high transactional gas fees. That’s a kind of ledger that records and verifies transactions made on it.