Ethereum (ETH) Approaching $2,000 Mark Yet Again

The 5.7% uptick in Ethereum's price comes alongside a 24-hour trading volume of over $10 billion. Ethereum's price rise coincides with a record amount of ETH burned over the past 24 hours. David Hoffman, an Ethereum enthusiast, that a staggering 10,300 ETH had been burned, with about half of that amount consumed by Uniswap trades.

The increase in ETH burning is due to the current memecoin season taking place predominantly on the Ethereum mainnet, causing gas fees to rise and leading to more ETH being burned.According to crypto analyst Mercek, the supply of ETH has decreased by 0.80% in the last 30 days, with the ongoing meme season potentially doubling the burn rate. Mercek suggests that the longer the meme season lasts, the more ETH will be burned, positively impacting ETH holders even if they dislike memecoins.

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