7,376 ETH Worth $13M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 7,376.40 Ether (ETH) worth $13,835,981 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.
June 06, 2023 | 6:00 pm
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The burning of 7,376.40 Ether on Monday, following the EIP-1159 upgrade, may impact the value of Ethereum as it lowers the supply of Ether.
The EIP-1159 upgrade introduced a variable base fee that is burned, lowering the supply of Ether. As the supply decreases, the value of Ethereum may increase due to scarcity. The burning of 7,376.40 Ether on Monday may have a positive short-term impact on the value of Ethereum.
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