The on-chain data provider IntoTheBlock has noticed a 50% increase in Ethereum costs this week. The tweet emphasises that users of the freshly released VMPX token account for 18% of petrol consumption.
“Suspicious VMPX token” raises Ethereum fees
This new coin has been described as “suspicious” by IntoTheBlock. The new token’s mechanism enables users to create it themselves, hence this amount of Ethereum fees was used for that purpose. Apart from the considerable attention VMPX has been receiving since its recent inception, the data business does not offer any more justifications for its “suspicious” belief in VMPX.
Former Google backend developer Jack Levin, who also invented the XEN cryptocurrency, launched the coin. On CoinMarketCap, VMPX is ranked 2,680th and is currently trading at $0.07284, down 9% in the last day. Its trading volume has decreased by 42% during the same time frame and is now $2.94 million.
Additionally, according to Ultrasound.Money, on Thursday, this coin was involved in 30% of all Ethereum burns within a 24-hour period.
According to a tweet from Levin on July 4, VMPX was “number one in activity and gas usage on ethereum.”
Ethereum network keeps growing fast
Santiment said that the Ethereum network has been “quietly on the rise.” The number of new wallets has been rapidly rising. The tweet emphasises that this action will eventually cause a rise in market capitalisation.
Popular cryptocurrency tracker Whale Alert discovered many large-scale transactions earlier today between anonymous wallets using ETH, the second-largest digital currency. Additionally, a sizeable sum was taken out of the OKX exchange.
Between unidentified wallet addresses, two transfers containing 91,588 and 60,295 ETH valued $174,311,076 and $116,067,007 each were conducted. 34,500 ETH in total were transferred from OKX to an untraceable address.
Ethereum is trading at $1,861 at the time of writing, down 4.12% according to CoinMarketCap.
