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Ethereum is experiencing a supply shock as it prepares for a massive surge


November 24, 2021 · By MATheGooner
Ethereum (ETH)

On August 5, Ethereum received a network hard fork update that improved the optimistic prognosis for the cryptocurrency.

The EIP-1559 improvement protocol was created as part of the London hard fork, which started the burning of a portion of the Ethereum network charge, known as the base fee.

According to WatchTheBurn, a website that tracks the transaction fee burning process, the network has burned over 1 million ETH since the London upgrade that included the fee burning mechanism. The overall worth of the total ETH burned so far is currently above $4.2 billion, based on the current price of ether.

Ethereum is also transitioning from proof-of-work (PoW) to proof-of-stake consensus (PoS). As a result, it has introduced a staking pool in which users can receive rewards and build their ETH holdings by locking 32 ETH in the official PoS smart contract for a set length of time.

While Ether supply is decreasing, the top ten non-exchange Ethereum addresses are expanding, while the top ten exchange addresses are diminishing. According to on-chain metrics publisher Santiment, the top 10 non-exchange vs exchange whale addresses currently have a record 5.16x the value of ETH.

Despite the cryptocurrency having yet to have a bull run, Whales have raised their holdings, signalling the network’s general bullish outlook. The price of ETH is anticipated to soar soon as long as the bull cycle continues.

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TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

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  • Polygon launches new custom blockchain scaling system ‘Avail’ June 29, 2022
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  • Cardano has updated its proposal to hard fork the network testnet in anticipation for the Vasil’s mainnet upgrade June 28, 2022

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