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
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
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.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100