Total number of $ETH destroyed reaches 66,000 coins, greatly reducing selling pressure on the market
coins has reached a staggering 66,000 ETH, worth approximately $117 million at the current price of $1,780 per coin. This significant reduction in supply is expected to alleviate some of the pressure on the second-largest digital asset in the market and make it increasingly scarce. With the present burn rate, an estimated 614,000 Ethereum will be removed from circulation annually, which, at the current price, equates to an astounding $1.
This reduction in supply, combined with increasing demand for the digital asset, has the potential to drive the price of Ethereum higher. The current burn rate of approximately 614,000 ETH per year further highlights the magnitude of the change brought about by EIP-1559.It is essential to consider that the burn rate can fluctuate based on various factors, such as the number of transactions on the network and the gas fees associated with them. As Ethereum moves toward Ethereum 2.
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