Total ETH Burned Crosses 1.5 Million Ahead Of Ethereum Dencun Upgrade
March 07 2024 - 11:00AM
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The Ethereum Dencun upgrade is fast approaching and there have
already been notable developments leading up to it. Besides the
price of ETH rising to new two-year highs, there has been a
significant increase in the amount of ETH that has been burned so
far. Over 50,000 ETH Burned The Ethereum burn, which was brought
with the EIP-1559 upgrade, has been ramping up over the past year.
The ETH burned from fees on the blockchain quickly crossed the $100
million mark, and has now climbed to a new milestone. Related
Reading: Crypto Analyst Predicts XRP Price To Break Out Of Bull
Pattern, Here Are The Targets According to Ultrasound Money, a
website dedicated to tracking the performance of Ethereum since
EIP-1559 was implemented, there have now been over 1.5 million ETH
burned. A more accurate figure is 1,502,518.84 ETH at the time of
writing, which is more than $5.6 billion at current prices. The
number of burned ETH has also greatly surpassed that of ETH issued,
which means that the network has turned deflationary. Compared to
the 1,502,518.84 ETH burned, there have been only 1,089,809.20 ETH
issued in the same time period. This shows that the supply has not
increased despite the new issuance, and ETH already in circulation
is being burned as well. At the time of the upgrade in 2022, the
total Ethereum supply was 120,521,245. However, since then, the
burn has been slowly eating into this figure and is currently
sitting at 120,108,332 ETH. This means that the ETH supply has
reduced by 412,706 ETH worth $1.55 billion since 2022. Ethereum
Dencun Upgrade Looms On The Horizon The Ethereum Dencun upgrade is
the latest in a long line of upgrades that have taken place in an
effort to make it a better network. This upgrade is expected to
come with a number of improvements for the network, including
boosting its efficiency and capacity. Related Reading: Shiba Inu
Lead Dev Co-Signs Prediction That Would Send SHIB To $100 Billion
It was launched on all testnets last week which is expected to be
the final phase before the launch. The launch itself has been
scheduled to take place less than a week from now on March 13. Once
completed, an increase in block space is expected to follow.
Presently, the ETH price is performing quite nicely leading up to
the upgrade. It recently touched $3,900 for the first time since
2022, and while there has been a slight retracement, the altcoin
continues to trend high above $3,700 at the time of writing. ETH
price moves toward $3,800 | Source: ETHUSD on Tradingview.com
Featured image from Crypto News, chart from Tradingview.com
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