Ethereum, the second-largest cryptocurrency by market capitalization, has witnessed a significant drop in network fees, hitting a six-month low. Data from on-chain intelligence firm Santiment reveals that Ethereum’s gas fees plummeted to as low as $1.12 on April 27, indicating a notable decrease in transaction costs.
$ETH

This reduction in ETH network fees has led to speculation about a potential rally for altcoins, including ETH. Santiment suggests that the fee decline could signal a market bottom, potentially leading to a turnaround in sentiment for Ethereum and associated altcoins sooner than anticipated.
Traders in the non-fungible token (NFT) market have already started to capitalize on the reduced Ethereum network fees. Over the past 24 hours, ETH has witnessed a 25% increase in #NFT sales, totaling more than $6.8 million. This surge in NFT activity indicates that market participants are taking advantage of the lower transaction costs on the ETH network.
In contrast to ETH, Bitcoin has recorded a 20% decline in NFT trading activity over the same period. BTC has sales amounting to $7.1 million. The differing trends between Ethereum and Bitcoin highlight the unique dynamics within the crypto market and the impact of network fees on trading activity.
Ethereum price continues to decline
Ethereum's price has declined despite the decrease in network fees and increased NFT trading activity. According to CoinMarketCap data, ETH price dropped by more than 4% in the last 24 hours, reaching $3,177.94 as of 2:45 a.m. EST. This downward trend in price contrasts with the potential positive implications of reduced network fees for the broader cryptocurrency market.
The latest drop in Ethereum’s price has pushed its weekly performance into negative territory. Additionally, ETH prices have fallen by more than 11% over the past 30 days, reflecting ongoing challenges and volatility within the cryptocurrency market. These price movements underscore the complexity of factors influencing Ethereum’s valuation and its impact on the broader market.
ETH’s influence on the Altcoin market
The declining price of ETH has taken a toll on the altcoin market in recent weeks. As ETH represents a significant portion of the cryptocurrency market, its struggles have contributed to a decline in the collective market capitalization of all cryptocurrencies, excluding #Bitcoin.
TradingView data shows that this market cap has plummeted by more than 16% over the past month, highlighting the interconnected nature of cryptocurrency markets and the influence of leading assets like #ETH
#TheAfricanCrypto #ethurum #Bitcoin❗️

The Akita Inu Preservation Society, located in Odate, Akita Prefecture, has launched a significant initiative to issue digital pedigree certificates for the well-known Akita dog breed. This initiative, in collaboration with Meta Akita Inc., a local IT company, and Heirloom Inc. from the United States, is designed to address pedigree forgery and improve the efficiency of administrative procedures.
Recent data from Japan Today indicates a notable increase in the society’s international membership, growing from 300 in 2022 to nearly 500 in 2023. This rise has highlighted the need for a more secure and efficient pedigree certificate delivery method.
Embracing Blockchain for Enhanced Security
Society has turned to blockchain technology, which is celebrated for its robust security features and transparency, to tackle these issues. This venture has created a state-of-the-art system for issuing digital pedigree certificates. These certificates, recorded on a blockchain, provide a tamper-proof record of each Akita’s ownership history, nullifying the possibility of forgery.
Yuki Shoji, a Japanese board member of the society, highlights the advantages of this digital approach. “The digitalization not only offers convenience but also assures owners of the authenticity of their purebred dogs,” stated Shoji.

Streamlining Processes with Digital Solutions
Blockchain significantly enhances the security of these documents while also speeding up the certificate issuance process. Owners can now obtain digital certificates directly through a smartphone application, drastically reducing the wait times associated with traditional paper documents. This method effectively mitigates issues related to document misplacement and the logistical challenges of international shipping.
This pioneering initiative by the society is setting a new standard for dog breed organizations globally. Pedigree management becomes more crucial as the world becomes more interconnected, secure, and efficient. The society’s forward-thinking approach aims to protect the purity of Akita bloodlines and simplify ownership processes for enthusiasts worldwide.
The introduction of blockchain technology by the Akita Inu Preservation Society marks an advancement in how pedigree certifications are managed. By collaborating with technological partners, the Japanese not only enhance the security and efficiency of their processes but also ensure the authenticity and ease of access for Akita owners everywhere. This move is a commendable step towards modernizing and securing pedigree documentation in the digital age.

#Blockchain #AKITA #PETS #dogs #TheAfricanCrypto