6,590 ETH Worth $14M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Sunday, 6,590.27 Ether (ETH) valued at approximately $14.5 million was burned, permanently removing it from circulation. This is a result of the EIP-1159 upgrade implemented on August 5, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with Ethereum 2.0, potentially making ETH deflationary. The net annualized issuance rate for Ether was -6.85% yesterday.
December 11, 2023 | 6:00 pm
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6,590.27 Ether was burned, valued at $14.5M, due to EIP-1159 upgrade. With Ethereum 2.0, the issuance rate may drop, possibly making ETH deflationary. The net issuance rate was -6.85%.
The burning of Ether reduces the overall supply, which can lead to an increase in value if demand remains constant or increases. The transition to Ethereum 2.0 and the potential for a deflationary Ether adds to the positive sentiment. However, the cryptocurrency market is volatile, and external factors can influence prices.
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IMPORTANCE 90
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