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Machi Big Brother’s new transaction mining token (ETHcoin) caused Ethereum’s gas spikes

Ethereum's gas prices surged due to the launch of a new token called ETHcoin by Jeffrey Huang, also known as Machi Big Brother. ETHcoin uses transaction mining to produce new tokens, resulting in increased activity on the Ethereum network. The launch of ETHcoin comes at a time when Ethereum's future as a high-cost chain or low-fee utility layer is uncertain. Despite initial success, there are concerns about the project's viability and the control of the token's supply by a few early adopters. ETHcoin is currently trading on Uniswap V3 with limited liquidity. The token has generated interest through social media engagement and targeting meme token communities.

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