Ethereum Burning Intensifies

Ethereum burning skyrocketed in January, resulting in massive deflation and the largest daily deflation in history. On January 10th, the chain lost 6823 Ethereum tokens. Research from Delphi Digital indicates that Ethereum could be in for recovery, with Delphi noting in a statement, OpenSea and NFTs played a large role in propping up transaction numbers and the volatility across crypto. In turn, this led to more token movements and swaps, further increasing this month’s burn.” January is on track to become the lowest-emitting month since the London hard fork in August of 2021. A total of 1.659 million Ethereum that’s worth almost $4 billion has been burned since the hard fork took place. Even though Ethereum is currently deflating, it has risen more than 24% in the last 7 days while losing nearly 37% of its value this year, falling farther from its all-time high even as trading volume jumps nearly 40% and the token maintains its position as #2 in the global crypto market.