Ethereum Circulating Supply Drops to Record Low.
It is reported that the total circulation supply of Ethereum fell to 120490946, a new low since the merger, according to the data of Ultrasound. Money, about 3…
It is reported that the total circulation supply of Ethereum fell to 120490946, a new low since the merger, according to the data of Ultrasound. Money, about 30200 ETHs were reduced compared with the merger.
The circulation supply of Ethereum decreased by about 30200 ETHs
Interpretation of the news:
The circulating supply of Ethereum has reached its lowest point since its merger, according to data released by Ultrasound Money. The current total circulating supply of Ethereum stands at 120490946, having dropped by 30200 ETHs compared to the merger.
The reduction in circulating supply is a significant reminder of the importance of understanding the factors that affect cryptocurrency prices. While the reduction in the circulating supply of Ethereum is a cause for concern for some investors, it is not necessarily an indicator of a bearish trend. Instead, it could be a result of the network’s growth and the increasing demand for Ethereum.
The drop in the circulating supply of Ethereum could be attributed to several factors, including increased demand from institutional investors, higher usage of the network for decentralized finance (DeFi) services, and lower mining rewards. The reduced mining rewards have created a situation where fewer Ethereum is produced, reducing the overall available supply.
Another factor contributing to the decreased circulating supply of Ethereum is the network’s move towards Ethereum 2.0. The upgrade is designed to improve the network’s security, scalability, and energy efficiency, and this has reduced the incentive for miners to mine Ethereum. As a result, the overall circulating supply of Ethereum has been reduced.
In conclusion, while the reduction in the circulating supply of Ethereum may be concerning for some investors, it is important to understand that there are many factors that can influence the price of cryptocurrencies. The move towards Ethereum 2.0, higher network usage, and increased demand from institutional investors are all factors that could have contributed to the reduced circulating supply. Therefore, it is important to consider the broader context when evaluating the health of the Ethereum network.
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