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Ethereum Offshoot Coin ETHW Plunges 60% Since Start of Trading: Details

Fri, 09/16/2022 - 16:06
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Yuri Molchan
The extra coin received by ETH holders on exchanges after the fork has faced a massive plunge since the trading took off
Ethereum Offshoot Coin ETHW Plunges 60% Since Start of Trading: Details
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Bloomberg has reported that the new EthereumPoW (ETHW) token that represents the chain whose miners and community decided to remain on the Proof-of-Work protocol and not to go into the “bright future” with PoS and future transition to Ethereum 2.0 has plummeted by approximately 60 percent since it started trading on September 15 after the hard fork.

It started trading at $33, according to data provided by CoinMarketCap. By now, it has plunged to the $11.93 price line after soaring to the $60 ATH; the coin is currently ranked 2,664 on this platform. Users received ETHW on such major exchanges as FTX, Binance, etc, at a 1:1 ratio.

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Image via CoinMarketCap

The original ETH token has also gone down after the Merge, trading in the $1,445 zone after traders began “selling the news” and dumping their Ethers.

Related
Charles Hoskinson Criticizes Ethereum's PoS as Kraken Refuses to Unstake ETH Until Shanghai Upgrade

A research analyst from Messari based in India, Kunal Goel, believes that Ethereum on PoS has not received a wide support from miners, financial institutions and community overall. He expects it to gradually fade away, similar to other forks of Bitcoin and Ethereum – Bitcoin Cash, Bitcoin SV and Ethereum Classic.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.