In a recent study, crypto ranking site CoinGecko talked about how Ethereum (ETH) has been burning since the start of 2024, with big changes happening all over the network.
Since the implementation of Ethereum Improvement Proposal (EIP) 1559 in June 2021, the network has burned 465,657 ETH, according to the report. This shows that the proposal is still having an effect. We have burned a total of 4.36 million ETH since adding this feature.
In 2024, the burn rate has shifted significantly. With 147,620 ETH, March had the biggest monthly burn of the year. This number is still less than the all-time high of 398,061 ETH burned in January 2022, though.
Ethereum Lowest Burn
On the other hand, July 2024 saw the lowest monthly burn of the year, with only 17,114 ETH used. This was 35% less than June’s burn rate. The second quarter of 2024 saw a total burn of 107,725 ETH, a decrease of 67.7% from the first quarter.
In 2024, Uniswap burned 71,915 ETH, making it one of the biggest donors to Ethereum blazes. After that, ETH trades and Tether (USDT) burned 33,538 ETH and 23,332 ETH, respectively. Also, Banana Gun (BANANA), a decentralized finance tool, burned 11,060 ETH to become the fourth-largest contributor.
Despite a lot of burn activity, Ethereum’s price has been struggling lately, making buyers nervous. The price of the coin dropped a lot, which made people wonder if this downward trend would continue. However, a new study by CryptoQuant shows that things may be about to change for the better, which means that the futures market might be ready for a comeback.
The drop in Ethereum’s price has caused a wave of long-term sales that have reached levels not seen since November 2022. The liquidation phase may have gotten rid of a lot of leveraged bets, which cooled down the futures market.
The restart of the market may spark renewed interest in Ethereum futures, potentially leading to a significant price increase over time.There are signs that Ethereum is on the mend. In the last 24 hours, its price has risen 2.4%, reaching $2,695.
