Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Twitter user @sassal0x has tweeted that an anonymous ETH user has transferred 2,500 ETH to the dead Ethereum wallet. This amount of Ether is worth $4.6 million. Nobody knows who this burner was and why he decided to remove the aforementioned ETH stash.
However, @sassal0x made a reminder that roughly every 30 hours, the Ethereum network removes 2,500 from the circulating supply thanks to the EIP-1559 upgrade implemented two years ago.
Some guy burned 2,500 ETH ($4.6mil) by sending it to an inaccessible Ethereum address
Friendly reminder that the Ethereum network currently burns 2,500 ETH every 30ish hours thanks to EIP-1559
Since EIP-1559 went live 2 years ago, 3.5mil ETH ($6.4bil) has been burned— sassal.eth 🦇🔊 (@sassal0x) August 7, 2023'Rich Dad Poor Dad' Author Says Bitcoin About to Surpass $100,000: ‘Hang On Tight’MicroStrategy Completes $3 Billion Debt OfferingShiba Inu (SHIB) Rocket Fuel Pattern Here, Bitcoin (BTC) Ready for Fundamental Shift at $100,000, Solana's (SOL) Road to $300 ContinuesRipple CEO Reacts to Gensler’s Resignation
By now, since then, a total of 3.5 million Ethereum has been burned worth approximately $6.4 billion in fiat. Burning in plain language means reducing the circulating supply of a cryptocurrency by moving coins to unspendable wallets.
Yuri MolchanStill, despite these massive daily burns, the ETH price has been unable to show any impressive performance. Currently, the second largest crypto is trading at $1,826 after a small decline. Earlier today, Ethereum managed to go up by 0.85% but has erased this gain by now.
Aside from that, Ethereum stakers keep adding their ETH to the Ethereum 2.0 deposit contract. According to the data shared by Glassnode recently, the total amount of ETH locked within the contract has reached 27,047,171 ETH – that is a new all-time high.
Gamza Khanzadaev
Godfrey Benjamin
Vladislav Sopov
Dan Burgin