At the time of this writing, Ethereum is changing hands at the $1,898 mark after declining from a recent price peak of $1,930 on April 30.Shibarium Beta Hits New Milestones, Mainnet Launch Might Be ImminentThanks to the mechanism introduced in 2021 with the London hard fork, Ethereum developers have been able tosince then, sending a portion of the transaction fees to unspendable wallets. This way, they are reducing the circulating supply of the coin to make it more scarce.
According to a tweet by Twitter user @misterrcrypto, this year so far,"Ethereum is getting burned like crazy." He believes this is happening because of the"meme coin season"; developers and communities of such meme cryptos as SHIB have been burning coins actively in the billions, and all of these meme cryptos are built on Ethereum, which means more transactions.
As for Ethereum, since Sept. 15, when The Merge was implemented, developers have managed to destroy 153,265.34 ETH due to the increased activity on the Ethereum network. This is the equivalent of $291,175,025.
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