Ether rallied about 50% ahead of Dencun, but then investors were sitting on high unrealized profits.
The Ethereum network successfully completed its "Dencun" upgrade on Wednesday, which is meant to help it become faster and cheaper to use. The price of ether has been trading lower since then, which was expected based on the cryptocurrency's behavior following previous tech upgrades. History also shows the possibility that the price could drop before reversing higher .
"High activity on the Ethereum network has caused high transaction fees and, consequently, more fees burnt," Julio Moreno, CryptoQuant's head of research, said in a note Wednesday. "Total daily transactions are hovering around record-high levels not seen since May 2023. High transaction activity causes network fees to spike, more fees being burnt and total supply to decrease.
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