Ethereum's seven-day total fees saw the most significant spike since the Merge as ETH fell 7%. According to Glassnode, Ethereum's seven-day total fees paid have reached a one-month high of 112 ETH. This remains the largest increase since Ethereum's proof-of-stake transition, "Merge," which went live on Sept. 15.
According to the chart posted by Glassnode, the total amount of ETH fees paid decreased significantly from 80 ETH on Sept. 15 on the day of the Merge to around 60 ETH at the beginning of October.
However, until a significant spike to 112 ETH on Oct. 13, the total fees paid continuously increased to maintain an average of roughly 70 ETH.
While the Merge upgrade was initially to supposed to include "sharding," the technology that splits the main chain into many shards, this was not the case, as this will not occur until 2023 — hence, the unlikely probability of the Merge reducing ETH fees. As reported by U.Today, the Ethereum team debunked the misconception that the Merge update led to a decline in transaction fees.
Ethereum drops 7%
Ethereum, the second largest cryptocurrency by market capitalization, was most recently trading at $1,221, a loss of 5.95% in the last 24 hours. The Ethereum price thus exited a three-week-long pennant formation formed shortly after the Merge. As the update turned out to be a buy the rumor, sell the news event, Ethereum is down 28% monthly.
The majority of altcoins and Ethereum tumbled following the release of Consumer Price Index (CPI) data on Thursday. According to the Labor Department, consumer prices increased 8.2% over the same month last year and 0.4% over August.
Indicated by core CPI, which excludes volatile food and energy prices, U.S. consumer prices advanced to a 40-year high in September.