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    QONEQT in Crypto News

    14-Oct-2022 12:57 PM


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    Ethereum price eyes 35% rally after 6,000 ETH gets burned in one week

    Ethereum’s native token, Ether (ETH), looks ready to undergo a massive rally due to a mix of technical and fundamental factors.

    That marks the Ethereum network’s first deflationary move — where more ETH is being destroyed than created — since its switch from proof-of-work (PoW) to proof-of-stake (PoS) via the Merge one month ago.

    The same started happening after Oct. 8, with evidence showing that a new crypto project named XEN Crypto is increasing network traffic.

    In other words, a new project made Ether deflationary for the first time since Merge, currently comprising over 40% of all Ethereum transactions.
    ETH/USD and Nasdaq Composite daily correlation coefficient.
    Source: Cointelegraph
    #Ethereum