7,796 ETH Worth $14M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 7,796.31 Ether (ETH) worth $14M was burned from Ethereum transactions on Monday. This follows the implementation of the EIP-1159 upgrade on August 5th, which changed the fee model and introduced a variable base fee that is burned, lowering the supply of Ether.
May 30, 2023 | 6:00 pm
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The burning of 7,796 ETH worth $14M may lead to a decrease in Ether supply, potentially impacting its price in the short term.
The EIP-1159 upgrade introduced a variable base fee that is burned, lowering the supply of Ether. As the supply decreases, the price of Ether may be impacted in the short term due to the basic economic principle of supply and demand. With a lower supply, the demand for Ether may increase, potentially leading to an increase in its price.
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