Sudden congestion of Ethereum network causes spike in gas prices

The congestion in the Ethereum network (20x spike in gas price) is caused primarily by a marketing campaign of Fcoin – a new digital assets exchange out of China. Fcoin is asking users to vote for tokens to be listed on theirs exchange. The top 20 tokens will get listed for free on Fcoin exchange. The condition for a vote to be counted is to transfer at least 1 unit of that token into the exchange, but, from a new, unique Ether address. Since top exchanges usually charge a lot for a token to be enlisted, ICO investors of tokens do not mind paying a high premium in gas price(comparatively still very low) for getting their token to the Top 20 free tokens list of Fcoin, hence causing a spike in gas prices.

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