This Token Guzzled 42% of Ethereum Gas in the Past 24 Hours

Crypto project XEN has burnt $1.85 million in Ethereum gas fees in the past 24 hours, but some in the crypto community warn that it could just be a pump-and-dump scheme.

This has accounted for 42% of the gas used in the past 24 hours. The XEN project’s official Twitter handle also tweeted about the incident, saying it would only get bigger.

Those in the crypto community have begun to discuss the project and the burn in earnest, with some calling it a Ponzi that is single-handedly reducing the supply of ETH. Others are more baffled by the development, only noting its odd rise to having such a strong presence on the Ethereum network.

Some pointed to the burn contributing to Ethereum’s deflationary status and XEN’s involvement in the past few d