Ethereum (ETH) Fees Spike 50% for Unexpected Reason: Report

According to On-chain data vendor IntoTheBlock, Ethereum fees have seen a sharp spike in activity this week, with 18% of all gas consumption tied to recently launched token $VMPX. Despite the surge, however, the company referred to it as “suspicious” – giving no further detail.

VMPX is a cryptocurrency created by Jack Levin, former Google backend developer and co-founder of the popular forked coin XEN.

Recent data shows it is currently ranked 2,680th on CoinMarketCap, trading at around $0.07284 after dipping by 9% in the previous 24 hours and seeing a decrease in daily trading volume by 42%.

Details

  • OnChain data vendor reported 50% spikes in Ethereum fees
  • Tie to VMPX token launch
  • Four large transfers of Ethereum against anonymous wallets and OKX
  • Price dropped 4.1% in Past 24 hours

It doesn’t stop there, however. In addition to the large spike in Ethereum Fees, crypto tracker Whale Alert also detected a series of gigantic ETH transactions. Incidentally, two of those trades amounted to a combined weight of a whopping $290,378,417!

The Ethereum network has continued to quietly grow, with a continually increasing number of new wallets setting the stage for a potential future rise in the market capitalization of the global second-largest currency.

Robert Wilson author
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