Since August 5, a deflationary mechanism has been operating in the Ethereum network: transaction fees are burned, and minersget only "tips". Over the past six months, 1.7 million ETH worth $6.4 billion have been burned, of which $1.1 billion was in January 2022.
Image Source: dune.xyz/k06a
Every month the number of coins burnedapproaching the number of issued, now the ratio is 73%. A reduction in supply, other things being equal, leads to a shortage and an increase in the value of the coin. On August 05, 0.07 BTC was given for 1 ETH, this level became a long-term support for the altcoin. It is expected that the mechanism will become completely deflationary after the transition to the proof-of-stake protocol. "Moving" according to the latest adjustments should take place no later than the II quarter of 2022.
Image Source: Cryptocurrency ExchangeStormGain
Main node burning Ethereum in JanuaryThe OpenSea platform, on which users make transactions with NFTs, spoke. In January, the site’s turnover exceeded $3.5 billion, and the volume of liquidated coins, according to Ultra Sound Money, amounted to 65,778 ETH.
Image source: dappradar.com
Justin Bieber helped achieve the new OpenSea record by indulging in a $1.3 million purchase of a "bored monkey" at the end of January.
Image source: twitter.com/boredapebot
At the time of NFT purchase, the minimum price waslisted at $ 271 thousand. Bieber paid a little more at the auction so that the monkey went to him. This is not the celebrity's first purchase: according to statistics, he owns 619 NFTs from 49 collections.
Bored Ape is part of the Bored Ape collectionYacht Club, which has 10 thousand images and ranks first in capitalization with $3.3 billion. In addition to Justin Bieber, NFTs from this collection include Shaquille O'Neal, Steve Aoki, Jimmy Fallon, Paris Hilton and others.
Despite the general decline in the cryptocurrency market,the NFT segment continues to hold high positions. More companies are joining the new trend to mint their own tokens, and more celebrities are turning to digital collecting. The practicality of smart contracts will support the value of Ethereum and further strengthen the altcoin against Bitcoin.
Analytical group StormGain
(platform for trading, exchanging and storing cryptocurrency)
