In line with the general sentiment on the wider cryptocurrency market, the price of Ethereum (ETH) has somewhat stalled, but declining network fees indicate there is room for optimism as the lower entry threshold could facilitate more convenience and utility.
As it happens, average Ethereum fees have returned to their normal levels after skyrocketing to the yearly high of $14 per ETH transaction in early May, recently dropping to $4.28 per transaction, according to the data shared by crypto analytics platform Santiment on June 1.
Indeed, these results demonstrate a decline of 69% from only 25 days ago, when the meme coin hype, triggered by the launch and massive success of the Pepe (PEPE) token, had forced Ethereum and Bitcoin (BTC) network fees to soar.
Ethereum average fees and supply on exchanges. Source: Santiment
As the Santiment team further explained, the plummeting transaction fees are a good sign for a broader Ethereum network adoption, accessibility, usage, and engagement, as
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