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Ethereum worth $24,000 burned in one minute, burning a total of 1.2 million coins

Ethereum worth $24,000 burned in one minute, burning a total of 1.2 million coins

Ethereum's burn rate has been steadily increasing as the network's popularity has surged amid the cryptocurrency correction and DeFi's surge in popularity, U.Today reports.

Ethereum commissions increase significantly during periods of increased network activity, leading to a spike in the burn rate. Under the previous fee-burning mechanism, Ethereum users had to pay a higher base fee if the previous block in the network was crowded. The higher base fee burned more coins. More than $817,000 worth of Ether was burned in the last few hours, indicating that the increased burn rate did not appear for long and likely did not last long as the network was able to stabilize quickly enough. As of press time, nearly 1.2 million Ethereum coins had been burned, which equates to $4.6 billion. The value of the burned coins was significantly higher previously when Ethereum was trading at above $4,700. At its peak, the value of burned coins reached more than $5 billion, equal to 20% of the average daily trading volume of the second largest cryptocurrency on the market. While the coin burn overall may not significantly change the movement of the asset in the market, it can still be considered a significant selling pressure that will greatly affect the price of the asset in the short term.

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