7,430 ETH Worth $14M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Wednesday, 7,430.36 Ether (ETH) valued at approximately $14.9 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% per year, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -8.29% yesterday.
November 16, 2023 | 6:00 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
7,430.36 ETH worth $14.9 million was burned due to EIP-1159 upgrade, potentially leading to a deflationary future for Ethereum as the issuance rate may drop after the Ethereum 2.0 upgrade.
The burning of ETH reduces the overall supply, which can lead to an increase in the value of the remaining ETH if demand remains constant or increases. The upgrade and potential for ETH to become deflationary are significant factors that could positively influence its price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100