Renowned investor and "Shark Tank" personality Kevin O'Leary raised an alarm Thursday about Ethereum’s (CRYPTO: ETH) network congestion and fee spike over the weekend.
Ethereum’s ‘Cracks Are Showing’
In an X post, O’Leary highlighted that Ethereum became severely congested, causing even small transactions to cost upwards of $1,000. He likened this to “paying a thousand-dollar toll to drive on a one-lane highway.”
O'Leary, also known as "Mr Wonderful," added that innovation isn’t just about hype, but about building infrastructure that can handle scale.
“For over a decade, we've talked about going on-chain, and now with real-world adoption finally happening, the cracks are showing,” he rued
See Also: Ethereum (ETH) Price Prediction: 2025, 2026, 2030
Transaction Fees Soar To Nine-Month Highs
Indeed, Ethereum’s average daily gas price reached a nine-month high last Friday, according to data from Etherscan, amid broader market sell-offs
Gas price is the price per unit of computation a user is willing to pay for a transaction on Ethereum. During high traffic, it surges as users try to jump the queue and have their transactions prioritized.
O’Leary’s Bet On BTC, ETH
O’Leary has been known for his long-standing belief in the potential of Bitcoin (CRYPTO: BTC) and Ethereum. He said last month that the two assets alone could capture more than 90% of the cryptocurrency market’s volatility and yield and that one shouldn’t chase other tokens.
Previously, he stated that the younger generation, specifically the GenZs, are investing in Bitcoin and Ethereum alongside traditional stocks, a chance he did not get early in his investment journey.
Price Action: At the time of writing, BTC was exchanging hands at $108,289.67, down 2.45% in the last 24 hours, according to data from Benzinga Pro. ETH traded down 3% at $3,896 at last check.
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