Ethereum Gas Fees Surge Amid ERC-404 Craze

The recently introduced ERC-404 standard introduces "semi-fungible" NFTs

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However, Ethereum gas fees have surged to an 8-month high due to the ERC-404 craze

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Shortly after, the ERC-404 market cap plummeted by 31% within a day, with major tokens experiencing similar declines

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ERC404 tokens like PANDORA, DEFROG, and RUG have also dropped by around 29%, 26%, and 31% respectively, showing a massive dump in investor sentiment.

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