8,464 ETH Worth $27M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Monday, 8,464.07 Ether (ETH) worth $27,323,891 was burned, permanently removing it from circulation. This action follows the EIP-1159 upgrade implemented on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The Ethereum network is currently issuing Ether at a 4% annual rate, expected to decrease to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -9.38% yesterday.
February 27, 2024 | 6:00 pm
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8,464.07 Ether worth $27,323,891 was burned, potentially leading to ETH becoming a deflationary currency as the issuance rate is expected to decrease with the Ethereum 2.0 upgrade.
The burning of Ether directly impacts its supply, potentially increasing its value due to scarcity. The transition to Ethereum 2.0 and the expected decrease in issuance rate further support the potential for ETH to become a deflationary currency, which could positively affect its price in the short term.
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