• Ethereum’s gas prices have surged to a 10-month high due to the hype around meme-inspired cryptocurrencies.
• The median price of ETH gas on a seven-day moving average has risen to 43.641 gwei, which is measured by gwei, a unit of computing effort used on the Ethereum network.
• Average gas price for Ethereum transactions was 81.94 gwei as of April 20, 2023 – up from 60.82 gwei on April 19 and 44.42 gwei in 2022, representing a rise of 34.74% and 84.46%, respectively.

Rising Ethereum Gas Prices

The hype around meme-inspired cryptocurrency has caused a spike in the price of Ethereum gas in recent days. The rising demand for transactions on the Ethereum network is a direct effect of the rising value of these tokens. There was a 10-month spike in Ethereum’s gas prices according to data provided by Glassnode with the median price of ETH gas on a seven-day moving average reaching 43.641 gwei – a level not seen since June 30 last year.

GWEI Unit Of Computing Effort

The network utilizes a measurement system based on GWEI (giga watt) which is equal to 0.000000001 Ether (ETH). Performing transaction or launching smart contracts requires certain amount of gas and it’s denoted by GWEI cost.

Gas Price Volatility

The median gas price across 7DMA peaked at 150 GWEI in May 2022 but it dropped significantly later and settled around 20 GWEI until September this year when Merge went live.

April 2023 Gas Prices

As of April 20, 2023, the average gas price for Ethereum transactions was 81.94 gwei – up from 60.82 gwei on April 19th and 44.42 gwei in 2022 – representing an increase of 34.74% and 84