With the constant burning of cryptocurrencies and fees on Ethereum, some Ethereum blocks become deflationary due to high network load. According to the services of the burning monitoring service, Ethereum worth $ 12 million was burned today. ETH another deflationary day to your name.
The Incineration Mechanism Works
With the introduction of the fee burning mechanism, all transaction fees on the network are burned instead of being sent to miners. Sometimes, due to the high network load, the fee for a transaction increases significantly, which leads to a large amount of burning.
Today, 16,503 worth $ 68 million Ethereum he was cremated. The miners, on the other hand, received only 2,465 ETH as a reward. With high network congestion, the miners’ reward actually rises, while the base fee remains constant. The transactional auction is still an important event on the network and leads to a big fee increase.
Now Ethereumthe base fee of is 154 Gwei. Since the EIP-1559 update, total exports have remained at estimates of $ 2 billion. The total number of coins burned is equal to 654,000 ETH and 2.7 billion dollars in fiat currency.
The Price of Ethereum
According to the data of the last period, the value of the burned Ethereum reached $ 2 billion, but due to the rapid price increase in the spot market, it was found that almost the same number of burned coins are now worth 35% more. As of the moment of writing this article, the Ethereum price is trading in the $4,100 price band. ETH is continuing its course above the $4,000 critical zone, rising by over 4% today after the withdrawal recorded yesterday.
Recently, Bloomberg Chief Commodity Strategist Mike McGlone made an important prediction about the ETH price. McGlone believes that the price of the largest altcoin will reach $ 5,000. Ethereum had reached an all-time high of $4,366 exactly one week ago.