ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets

by Aurelia Butler 10 December 2022, 12:00 139 Views

Data from Ultrasound.Money, an analytic firm tracking the Ethereum (ETH) blockchain activities, shows that the ETH gas fee has soared to 222 Gwei in the last 24 hours. Collin Wu media believe the unprecedented increase happened as the largest crypto exchange, Binance, began its proof-of-reserve checks for Ethereum tokens.

It added that Binance consolidated ETH tokens from multiple addresses to its hot wallet labelled Binance14 for its next POR verification stage, pushing the network’s gas fee high.

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ETH Gas Fee Soars to 222 Gwei as Binance Consolidates ETH Wallets

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