Ethereum network fees plunged more than 9% this week to $22.1 million, the lowest level in nine months, according to data from blockchain analytics firm IntoTheBlock.
Ultrasound.money data shows that the supply of Ethereum’s native token, ETH, has been increasing as fewer tokens are being destroyed to validate transactions than are being created.
IntoTheBlock wrote in its report that this trend may put some pressure on ETH, as its supply has been growing over the past month, thus shifting from a deflationary to an inflationary trend.