Ethereum

Ethereum 2.0

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Twitter user @sassal0x has tweeted that an anonymous ETH user has transferred 2,500 ETH to the <a href="https://u.today/kucoin-accidentally-burned-millions-worth-of-ethereum-eth-no-one-knows-why" rel="noopener noreferrer nofollow">dead Ethereum wallet</a>. 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. 
<blockquote class="twitter-tweet"> 
 Some guy burned 2,500 ETH ($4.6mil) by sending it to an inaccessible Ethereum addressFriendly reminder that the Ethereum network currently burns 2,500 ETH every 30ish hours thanks to EIP-1559Since EIP-1559 went live 2 years ago, 3.5mil ETH ($6.4bil) has been burned— sassal.eth 🦇🔊 (@sassal0x) <a href="https://twitter.com/sassal0x/status/1688504647844257792?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 7, 2023</a> 
</blockquote> 
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 <a href="https://u.today/shib-burn-rate-up-as-price-jumps-92-millions-of-shiba-inu-sent-to-dead-wallets" rel="noopener noreferrer nofollow">reducing the circulating supply</a> of a cryptocurrency by moving coins to unspendable wallets. 
Still, despite these massive daily burns, the ETH price has been <a href="https://u.today/ethereums-5-million-per-day-burn-not-helping-market-price" rel="noopener noreferrer nofollow">unable to show any impressive performance</a>. 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.

2,500 ETH Burned Today, Here’s What Happens to Price

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