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Ethereum Burning Surpasses 5% of Total Supply, Potential for Higher Losses
Recently, over 5% of all Ethereum has been permanently eliminated, with Coinbase’s Conor Grogan estimating that roughly 913,111 ETH, equivalent to $3.43 billion, has been lost due to user mistakes. Additionally, around 5.3 million ETH, worth $23.4 billion, have been burned through the EIP-1559 mechanism. The total amount of ETH destroyed exceeds 6.2 million, or more than 5% of the entire supply. The actual figure might be even greater.
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AI Analysis
The destruction of over 5% of Ethereum’s total supply signifies a considerable reduction in circulating ETH, driven by both user mistakes and protocol-based burning mechanisms. The estimated 913,111 E...
AI Recommendation
Given the ongoing and significant destruction of ETH supply, it’s advisable for investors to consider the potential for upward price movement driven by scarcity. However, caution is warranted due to t...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.
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