$13 Million Worth of Ethereum (ETH) Goes Up in Smoke as Supply Takes a Dive Again.
Hey there! So, the latest info from Ethereum is saying that the Ethereum supply is shrinking again. In the last month, about $13 million worth of Ethereum got burned, and the total supply dropped by 5,619.39 ETH. This deflation thing is happening because of the network's burning system, torching 74,933.24 ETH, which is more than the 69,313.86 ETH created during the same time.
Now, what does this mean? Well, a shrinking supply usually suggests that there's less ETH available. And when that happens, the value of each token could go up, as long as the demand stays the same or goes up. Add this to the fact that Ethereum is always growing and getting more popular, and you might see a positive trend.
Now, let's look at the Ethereum chart. One key thing to watch is the 50-day Exponential Moving Average. Ethereum is chilling right below this important level, and if it breaks through, it could show a change in how people feel about the market, maybe pushing the prices up.
But, gotta keep it real—Ethereum isn't making big waves in the market right now. Even with the burn and the shrinking supply, there's not much action. Even the moves by Ethereum's co-founder, Vitalik Buterin, aren't having a huge impact at the moment.
The market is kind of waiting for something big to happen that would make Ethereum stand out again. While less supply is good news, if there's no increase in demand or more use of the network, the effect on the price might not be huge.
So, we're in a bit of a waiting game for that one thing that could light up Ethereum in the blockchain world. Fingers crossed!