Coinbase reported a significant increase in Ethereum network transaction fees over the past two weeks due to a surge in onchain activity. The average gas fees soared by 498% from the monthly average, with median transaction costs spiking from $0.09 to $1.69. The spike was attributed to various factors, including a rise in decentralized exchange volumes and Ether transfer volumes. This surge in activity led to a substantial increase in daily Ether fees burnt, reaching 2,097 ETH. Onchain activity also reflected in increased DApp and NFT volumes, indicating a growing trend on the Ethereum blockchain. Despite a positive momentum shift in Ether's price, it remains below key moving averages. However, Ethereum investment products saw inflows after a five-week decline, with spot Ethereum ETFs attracting significant investments. It is important to note that this article does not provide investment advice, and readers should exercise caution and conduct their own research before making any financial decisions. Read more AI-generated news on: https://app.chaingpt.org/news