In 2024, Ethereum's gas fee revenue reached $2.48 billion, ranking first among all blockchains. This data reflects Ethereum's important position in the blockchain field. However, in the same year, Ethereum's gas fees also hit a historic low, leading to various interpretations of this phenomenon in the market.

Firstly, the reduction in gas fees may have an impact on Ethereum's price and inflation. In August 2024, Ethereum's average network fee dropped to 2.15 Gwei, the lowest level in five years. This decrease in fees could affect the amount consumed when issuing and using gas, potentially impacting the price. Additionally, due to the decline in network fees, the total supply of ETH has increased since April.

Moreover, the reduction in Ethereum's gas fees may signal that ETH is about to experience a significant surge. On August 12, 2024, the gas fees on the Ethereum network dropped to 2 Gwei.