1,784 ETH Worth $2M Was Just Burned
Portfolio Pulse from Benzinga Insights
A total of 1,784.03 Ether (ETH) worth $2,755,313 was burned from Ethereum transactions on Thursday. This follows the implementation of the Ethereum improvement proposal EIP-1159 on August 5th, 2021, which changed the fee model and introduced a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was 1.01%.
October 13, 2023 | 6:00 pm
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POSITIVE IMPACT
The burning of 1,784.03 ETH, worth $2,755,313, could potentially impact the price of ETH in the short term due to the reduction in supply. The Ethereum 2.0 upgrade, which is expected to decrease the issuance rate of new Ether, could also influence the price.
The burning of Ether reduces the overall supply, which could potentially increase the price if demand remains constant or increases. The upcoming Ethereum 2.0 upgrade, which is expected to decrease the issuance rate of new Ether, could further reduce supply and potentially increase the price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100