Ethereum Fees Get High with Stoner Cats, Then Swiftly Drop

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Ethereum (ETH) fees are down again following a major surge fuelled by – cats. Stoner Cats to be more precise, non-fungible tokens (NFTs) launched ahead of the same-named series by actress Mila Kunis.

Prior to the release of the new adult animated series, there was an NFT sale of 10,420 stoner cats, which sold out in 35 minutes (or “35 meow-nutes, as the team said) – and which sent the gas prices soaring.

NFT collectors were able to mint these cats at a price of ETH 0.35 (currently USD 805) each.

This series, per the website, involved “the brilliant minds behind CryptoKitties,” the popular cat-themed project that also clogged the network back in 2017.

Decentralized finance analytics firm DeFiprime referred to this event and noted that “as usual cats choke Ethereum,” indicating that the transaction cost was 200 Gwei (for a slow transaction) up to 709 Gwei (for a fast one). The onchain data in USD shows a range of USD 9.5 to USD 33.67.

Per Etherscan, current estimated costs range between USD 1.3 for a high one, and USD 0.92 for a low one.

Dune Analytics’ charts show a spike in the median gas fee on July 27 around the time of the sale, dropping soon afterwards. Similarly, per ethereumprice.org, the gas first hit 445 gwei, followed by 734 gwei just hours later, then abruptly dropping to the current 21 gwei.

As reported, Ethereum’s co-founder Vitalik Buterin is set to be a part of an NFT project by Kunis. Stoner Cats, sentient felines of Ms. Stoner will appear in the animated series. Buterin will play Lord Catsington, an elderly, dead cat. Jane Fonda and Seth McFarlane are among the stars. Ashton Kutcher and Chris Rock are also involved.

Stoner Cats can be viewed by people who own a Stoner Cats TOKEn. Per Etherscan, Stoner Cats are among the top fee payers in the past 24 hours (ETH 1,512, or USD 3.4m), using 2.36% of gas in that time frame.

The series will release 3,000 additional NFTs during its first season. You can still buy minted stoner cats on marketplaces. This Lord Catsington one on OpenSea, for example, costs ETH 77 (USD 177,100).

ETH traded at USD 2,300 at 8:00 UTC. It is up by 4.5% per day and 28% per week.

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