14,656 ETH Worth $58M Was Just Burned
Portfolio Pulse from Benzinga Insights
On Thursday, 14,656.93 Ether (ETH) worth $58,121,774 was burned, permanently removing it from circulation. This follows the EIP-1159 upgrade to the Ethereum blockchain, 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 with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -19.02% yesterday.
March 08, 2024 | 6:00 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
14,656.93 Ether worth $58,121,774 was burned, potentially making ETH a deflationary currency as the Ethereum 2.0 upgrade approaches.
The burning of Ether reduces the overall supply, which, combined with the anticipated decrease in new Ether issuance rate due to the Ethereum 2.0 upgrade, could lead to deflationary pressure on ETH. This is generally seen as positive for the asset's value, as scarcity can drive up prices.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100