Ethereum Becomes Deflationary as Activity Surges, Burning Over 4,700 ETH Since Monday
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Ethereum supply has contracted by over 4,700 ETH since Monday, leading to a prolonged deflationary period.
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Increase in Ethereum network activity and gas fees has caused more ETH to be "burned", removing it from circulation.
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Rise in altcoin trading, particularly GameFi tokens, is driving increased traffic and fees on Ethereum.
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Some analysts predict Ethereum's deflation could signal a bottom is in, with ETH price heading towards $3,000.
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However, increased altcoin interest may not benefit ETH if funds flow into Bitcoin first, bypassing ETH.