Take a look at the recent surge in Ethereum gas fees during the NFT boom, which has left many traders stunned You see, as onchain activity surged, gas fees skyrocketed to seemingly outrageous levels, at one point reaching upwards of three hundred seventy-two dollars for a single non-fungible token transaction This sudden spike almost eliminates any potential profit traders would hope to make In fact, many users found themselves facing costs of over two hundred dollars just to swap tokens or even borrow on lending platforms With so much activity on the Ethereum network, it is no surprise that the average gas fee shot up by almost five hundred percent over just a few weeks However, as Ethereum prepares for upgrades designed to reduce transaction costs significantly, could we soon see a world where users barely notice these fees? Only time will tell if these skyrocketing gas prices are a passing trend, or if they are here to stay
