GWEI Price Surges 38% After Coinbase Listing Slump

The price of ETHGas (GWEI) has surged by 38% in the past 24 hours, reaching near $0.0275, according to CoinMarketCap.

This sharp recovery comes after a period of heavy selling that pushed the token down to near $0.019 just days ago.

The sudden shift in GWEI's price action is attributed to fresh capital entering the futures markets, with leveraged traders driving one of the clearest shifts.

GWEI's Open Interest nearly doubled to $14.85 million, signaling a significant increase in market activity.

Market positioning also favors the bulls, with long positions holding roughly 57% of total Open Interest, according to Coinalyze data on the 1-day timeframe.