$ETH seeing a surge in burning volume on the network, which might have pushed the price back to the $1,700 price level
network through the burning mechanism implemented in the Merge update. The burn rate on the network spiked to new highs, thanks to the increasing network activity.
The Merge update was the highly anticipated upgrade to Ethereum that aimed to transition the network from a proof-of-work consensus mechanism to a proof-of-stake mechanism. This update brought several benefits, including faster transaction processing times and lower transaction fees. It introduced a new burning mechanism that permanently removed ETH from circulation, reducing the overall supply of the token.The recent spike in burn rate is a positive sign for the Ethereum network.
The largest contributors to the increased network activity are the rise of Layer 2 networks, which enable faster and cheaper transactions on the Ethereum network, and the returning activity in the DeFi industry, which has been a major driver of Ethereum's growth in recent years. Additionally, the overall increase in risk tolerance among retail investors has led to increased demand for
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ethereum Hits Peak of $1,700 as Investors Add 1.88 Million ETH Since November: Report$ETH has hit a price peak since ETHMerge as whales have accumulated more ETH since November: santimentfeed
Read more »
This Whale Keeps Grabbing Ethereum (ETH) Despite Price Rise - Potential Reason54,000 $ETH bought on these major exchanges during the recent price rise. lookonchain
Read more »
Massive Ethereum (ETH) Price Surge Appears to Be Imminent As Volatility Reaches Extreme Lows: AnalystCrypto analyst Mohit Sorout, co-founder of Bitazu Capital, has suggested that Ethereum's (ETH) price could surge soon, citing its low volatility as a possible indicator
Read more »
Ethereum (ETH) Price Analysis for February 18Can ETH fix above the $1,700 mark by the end of the week? crypto Ethereum ETH $ETH cryptoexchange VitalikButerin ethereum
Read more »
Ex-Ripple Executive Has No Doubt in Ethereum (ETH) and Regulator ConspiracyEthereum $ETH and regulator conspiracy is a not in doubt, ex-Ripple director says sec xrp xrparmy ripple xrpcommunity xrpsec ripplesec ethereum eth ethsec $xrp
Read more »
'Ant-Man and the Wasp in Quantumania' eyes $100 million open after $17.5 million ThursdayDisney's 'Ant-Man and the Wasp in Quantumania' collected $17.5 million in previews on its way towards a $100 million opening weekend.
Read more »