More ETH Has Been Burned On The Network Than Minted In The Last 24 Hours
Ethereum has been rising with a smooth sail as its price, and the condition remains consistent even after breaking the $4K price tag and reaching a new all-time high. It is nothing less than an achievement which means the market cap of the cryptocurrency has valiantly increased, and more than that, it is being adopted into the financial and digital world at a much faster pace. The price of the cryptocurrency doesn’t rise this quickly and efficiently without the corrections taking up with the token, but this hasn’t yet happened in the case of Ethereum.
Interestingly enough, it is because of a recent update that was rolled out into Ethereum’s main core in the form of EIP-1559. This radical change in the cryptocurrency’s code allowed for the burning of transaction fees. This has, in turn, put deflationary pressure onto the digital asset. This pressure, in a direct manner, has helped the recent push the Ethereum’s price has received and what’s helping it to stay steady at the same course.
Ethereum’s Network Is Facing Issues Due To Broken Code
If someone analyzes the performance of this code and determines whether or not it is working for the initial purpose, it was designed. Then yes, it is doing that just fine. It was designed to slow down the growth of Ethereum’s supply. But in the last 24 hours, the supply is not growing but shrinking, which is a rather peculiar situation.
The burning of the cryptocurrency is more enforcing than its minting in the recent events of the past 24 hours. It also means that there is less and less Ethereum available on the open market, and the supply is dwindling like crazy. This is not an attack but software or, precisely enough, a piece of code that is not fitting and acting out or, in other words causing the whole system to destabilize.
The developers are fully aware of the issue and are working tirelessly around the clock to bring this matter to an imminent solution. No one knows how much time it would take, but the supply of Ethereum is in jeopardy as we speak.