Twitterati attacks Ethereum, “depressed” co-founder Vitalik Buterin – here’s why

YEREVAN (CoinChapter.com) – Ethereum (ETH) and its founder, Vitalik Buterin, have come under fire again. Fed up with the high gas fees and the never-ending wait for the shift to Proof-of-stake (POS) network, investors claim to be ‘dumping’ the network for Bitcoin (BTC).  

One such investor Mike Alfred, who has allegedly held ETH since 2020, claimed he had decided to cash out finally. The investor told his 87,000 Twitter followers the loss of ETH through failed transactions was one of the reasons for his decision. “Even Vitalik now sounds depressed,” he slammed.

While it is not unheard of for someone to complain about Ethereum (ETH), one should take what Alfred says with a pinch of salt. After all, he is only trolling.

To begin with, his tweet is not original. Other people have written similar tweets before him. He has only copy-pasted the content on his wall. There is no mass exodus from Ethereum to Bitcoin (BTC). One Twitter user posted a similar claim a day earlier. However, instead of opting for BTC, she left ETH for Cardano. 

Moreover, this is not the first time Alfred has claimed to be dumping Ethereum. As some users pointed out, he has repeatedly been “cashing out” on his Ethereum holdings since at least last year.

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Ethereum (ETH) gas fee falls under $3

One of the biggest drawbacks of the Ethereum network has been its exorbitant network fee. However, over the weekend, the average gas fee of the Ethereum network fell to a ten-month low. 

On Sunday, the ETH gas fee fell to $2.96 per transaction. Network fees on the network had not fallen to such levels since July 11, 2021. However, according to market analytics firm Santiment, the gas fees have lately been constantly falling.

“Ethereum fees are so low last days. We could even notice they’ve been that low before previous bottoms. Low fees mean very little activity, no one is interested to do anything,” 

the intelligence firm said in a new report.

Data from CoinMarketCap suggests ETH rallied in the last 24 hours to briefly rise above the $2000 mark before falling back down again. Ethereum exchanges hands at $1,974.48 per token at the time of writing.

Meanwhile, investors hope Vitalik Buterin will finally deploy its new mainnet, “the Merge,” in August, taking the network from Proof of Work (POW) to Proof of Stake (POS). As CoinChapter earlier reported, Ethereum’s Ropsten public test net will undergo the merge in June.