Ethereum supply soars after The Merge upgrade, with more than 300,000 tokens today, according to data from ultrasound.money
More than 7,000 Ethereum tokens have been added since the PoS upgrade, bringing the current supply in circulation to approximately 121 million.
The supply of Ethereum has been in inflation since last Saturday until today. And supply is starting to drop as crypto project Xen Crypto offers mint tokens to users willing to pay for gas.
The service is so popular that over 6,000 ETH (Network ETH Coin Supply Mechanism) has been burned for gas on the Ethereum network since Saturday.
ETH fees have been bursting since the London Hard Fork in 2021.
“When the ETH gas price reaches 15 gwei or more, ETH will begin to experience inflation. Investors and speculators will become interested in ETH,” said Musca Capital CEO Kasper Vandeloock.
ETH prices appear to be unaffected by the drop in inflation on the ETH network. ETH prices tumbled to support at $1,300 last Tuesday and are still in a downtrend. as low as $1,216 on Thursday.
The ETH price is currently $1,319, according to CoinMarketCap.
Experts say the drop below $1,300 could be attributed to global inflation, rising interest rates, falling stock market prices and the energy crisis.
After upgrading The Merge, it will reduce inflation on the network because the Proof of Stake network requires participating nodes to verify and verify transactions that ETH is deposited on the network. net
“Usually when there is an event such as a Bitcoin halving, the price of the crypto goes up. But for now it looks like it may have to wait,” said Musca Capital CEO Kasper Vandeloock.
Source: LINK