3,663 ETH Worth $6M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 3,663.61 Ether (ETH) worth $6,351,974 was burned from Ethereum transactions on Sunday. 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 12, 2023 | 6:00 pm
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The burning of 3,663.61 ETH worth $6M on Sunday may impact the price of Ethereum as the EIP-1159 upgrade lowers the supply of Ether, potentially making it a deflationary currency.
The EIP-1159 upgrade introduced a variable base fee that is burned, lowering the supply of Ether. As the supply decreases, the demand for Ether may increase, leading to a potential increase in its price. Additionally, with the Ethereum 2.0 upgrade, the issuance rate is expected to decrease, further contributing to the deflationary nature of the currency.
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