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    Ethereum Massive Burn Begins | Gas Fee Surge Causes Deflationary ETH



    The mint of a project called XEN Crypto and its token (XEN) attracted the participation of more than 364,114 wallet addresses and triggered a surge in Ethereum network gas fees for 2 consecutive days, reaching 200wei at one point on October 9. According to Ultrasound data, the ETH burned during the minting process reached 2,271 on October 10, accounting for 19.46% of the total burning of the Ethereum network on October 7. The Ethereum network has entered its most extended period of token deflation since “the Merge.” However, even with this the price of Ethereum continues to remain unmoved… why?

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    #ethereum #crypto #bitcoin
    ~Ethereum Massive Burn Begins | Gas Fee Surge Causes Deflationary ETH~
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    View 21 Comments

    21 Comments

    1. Crypto Steve-O on

      Ethereum is the queen of crypto! It might not be the fastest or the best tech, but it has first mover advantage, which is huge! It also has massive scalability through its layer two coins like Matic….Ethereum also has trust and name power with developers….and now, best of all, Ethereum is deflationary!! Wow. I wouldn’t be surprised if Eth flips Bitcoin one day!

    10. Jimmy Call on

      Bitcoin has been attracting people worried about currency collapses, even though Ethereum also is a storage of value and much cheaper for transactions compared to Bitcoin without LN. The ETH and BTC price has been majorly affected by people selling off in relation to Stock Market offloads. The fear is ridiculous, and people need to see crypto as separate to SM. Bitcoin is a boring coin and people usually transfer into Etheruem after a week or more.

    12. Ahmed Alafeefi on

      I would stake ETh if it was running up, for now shorting with stop loss till any sign of reversal… buying eth for cheap then staking it would be better no? … also the notifications are a 50/50 sometimes they show on time and others they dont

    14. Matthew C on

      Bitcoin and Ethereum are manipulated just like gold and silver, thanks to the futures products…..

      Good thing the government and banks have our best interests in mind…. you know, consumer "protections"

    19. Ritesh Trivedi on

      Regulations are good coz you need to understand one thing that the market doesnt runs by retailers. Its the big institutions who puts lots of money and pump the market. And if the regulations comes in , so do the insurance coz they are one or the same thing. If something is regulated in any country it means that is now insured under the govt jurisdictions. Regulations can boost the confidence in big money to enter in to the system freely. Pension funds, Hedge funds, Retirement accounts don't hesitate to invest in the regulated assests like gold/silver/stocks. They can then enter in to the crypto.

    20. Ritesh Trivedi on

      Ethereum is doing exactly the same thing what it did in 2020 and 2017. Ethereum bored you so much that at some point when u see other projects gains in value, you start liquidating your ethereum in to other projects in an anticipation of buying it later coz ETH doesn't move fast . But when it start moving, it is almost impossible to catch the train. So never underestimate Ethereum guys. These are all Ethereum whales game to buy as many cheap Eth as they want till the point when they themself can't control but by that time we almost forgot to get back to the Eth train and get lost in other smaller alts and struggles forever.

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