Ethereum (ETH) hits its first deflationary week. Here’s why it might attract more holders

For the first time since the introduction of the fee-burning mechanism, Ethereum has reached its first whole week of negative issuance in the history of the coin. The main reason for such statistics is elevated network load and increased fees.

Net issuance this week has reached -59 ETH, which equals -$250,700 in USD equivalent. Tips for miners this week have stayed at $56 million, and the burned amount almost reached $400 million in one week only.

The total number of burned Ethereum coins equals 712,000 ETH, which is currently worth a little bit over $3 billion. With the Ethereum burn rate constantly increasing, the coin will most likely show more negative weeks or even months as time goes by.

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