Over $6B Worth Ethereum Reduced To Ashes In 2 Years — Enough To Purchase 19,000 Homes Valued At $350k Each
Portfolio Pulse from Mehab Qureshi
Over 3.46 million Ethereum (ETH) valued at $6.68 billion has been burned since the enforcement of the London hard fork in August 2021. The burning was primarily driven by regular ETH transfers and transactions involving non-fungible tokens (NFTs) on Opensea and Uniswap v2. The Ethereum network transitioned from a proof-of-work (PoW) to a proof-of-stake (PoS) blockchain, known as 'The Merge,' on Sep. 15, 2022. At the time of writing, ETH was trading at $1931, up 0.42% in the last 24 hours.
July 17, 2023 | 10:14 am
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NEUTRAL IMPACT
The burning of Ethereum since the enforcement of the London hard fork and the transition to a PoS blockchain could potentially impact the price of ETH in the short term.
The burning of Ethereum reduces the supply of the cryptocurrency, which could potentially increase its price due to the principles of supply and demand. However, the impact of this on the price of ETH is uncertain due to the complex nature of cryptocurrency markets and other influencing factors such as market sentiment and regulatory developments.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100