Speculation on the Ethereum cryptocurrency has led to a 23-fold increase in the little-known token in 48 hours

As Ethereum developers prepare to release a new network, the price of the Goerli ether token, which is intended for free testing of programs, has increased 23 times in 48 hours. Difficulties with obtaining the Goerli ETH (gETH) service token for the Goerli test network have led to speculation on the token’s price. This was reported on Twitter by Polygon’s Chief Security Officer Mudit Gupta.

According to analysts at Coindesk, Goerli ether (gETH) quotes jumped to $ 1.60 over the weekend. It is interesting that on Friday, the 24th, the token’s quotes were at $ 0.07, which means an increase in value by 23 times or 2350%. The virtual asset has reached a market capitalization of about $ 15 million.

According to DEXTools, gETH has been sold for almost $ 1 million over the past 24 hours. At the same time, 3.79 million gETH were in circulation and there were only 1260 token holders at the time of the news publication.

The researchers explained that Goerli ether is not a new fork of Ethereum or a competitor to the platform. The digital asset is a test version of the real ethereum that developers can use to simulate transactions, smart contacts, and other actions before deploying it on the main network. Goerli ether tokens are supposed to be free, as they are issued only for Testnet developers. «The test version of ethereum should be free, but speculators do not think so. Such fraud is the beginning of the end of the Goerli testnet,» Mudit Gupta emphasized.

Ethereum developer Tim Bako said that a new test network called Holli (Holešky) may appear in 2023. He acknowledged that the excessive demand for the gETH service token has caused difficulties and speculation. However, it is not yet known how Holli is going to solve the problem of exchange rate gouging. The estimated timeframe for the new network is not specified.