Ethereum-powered decentralized exchanges, or DEXes, continue to surge despite high transaction fees — with DEXes processing more than $120 billion in 2021 so far.

According to Ethereum market analytics platform Dune Analytics, combined DEX volumes posted a new record of $63 billion in January. February’s volume currently sits at $59 billion and is on track to hit $67 billion at the month’s end.

DEXes have already processed more volume in the first two months of 2021 than during all previous years combined.

The Ethereum-powered DEX sector is still dominated by Uniswap and Sushiswap, who account for 65% of February’s trade combined. Uniswap currently represents more than double Sushi’s volume, controlling almost 50% of DEX market share.

However, looking at the weekly number of active traders on each platform shows that Uniswap represents more than three-quarters of Ethereum DEX users. Over the last seven days, nearly 142,000 unique wallets traded on Uniswap, followed by decentralized exchange aggregator 1inch with roughly 18,450 traders, and SushiSwap with 8,911.

However, not all DEX trading activity is occurring on Etheruem, with Binance Chain’s Pancake Swap surging to report a daily trading volume behind of more than $1.1 billion.

Despite some users migrating away from Ethereum-based DEXes, confidence in the sector as a whole is at an all-time high, with the total value locked in these exchanges sitting above $40 billion for the first time during recent weeks.

Source: https://cointelegraph.com/news/dex-volumes-have-already-surpassed-120b-in-2021

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Revenues to miners on the ethereum ecosystems are going crazy.

Everybody wants to use it.#ETHEREUM pic.twitter.com/iapXN312Xx

— odin free (@aarvantOFRE) February 24, 2021

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

Source: https://cointelegraph.com/news/ethereum-on-track-to-settle-1-6-trillion-this-quarter

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• Dogecoin bounces off from the support at $0.04, setting the ground for gains above $0.11.
• DOGE is looking forward to a triangle breakout targeting a more than 100% move.
• The upswing may fail to materialize if the immediate 50 SMA support is broken.

Dogecoin is teetering at $0.05 after recovering from the dip that occurred across the market earlier in the week. Before the broad-based declines, the ‘Meme Coin’ had been losing ground below a descending trendline.

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The support at $0.045 played a vital in stopping the declines, allowing bulls to focus on higher levels. A breakout from a descending triangle is expected to elevate Dogecoin to new all-time highs.

At the time of writing, DOGE is dancing between the 50 Simple Moving Average (SMA) on the 4-hour chart and the 100 SMA. It has already broken out of the triangle pattern. The 100 SMA currently limits its upside.

Note that triangles are known to have exact breakout targets measured from the patterns highest to the lowest points. While descending triangles are generally bearish, they can also result in bullish price actions.

As for Dogecoin, trading above the 100 SMA will live open-air for exploration. It is worth keeping in mind that some hurdles are expected at $0.07, $0.09, and $0.1. However, if a breakout materializes, DOGE will rise to a new record high of around $0.11.

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DOGE/USD 4-hour chart

On the other hand, it is worth keeping in mind Dogecoin is resting on a robust support area reinforced by the triangle’s hypotenuse and the 50 SMA. Holding above this region is critical to sustaining the uptrend. However, declines back to $0.045 may come into the picture, and investors could also panic-sell, adding to the bearish pressure.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/dogecoin-price-prediction-doge-primed-for-a-massive-100-move-to-new-record-highs/