Ethereum’s burning protocol has hit a new all-time high (ATH) after the huge sale of tokenized land plots in Yuga Lab’s Otherside Metaverse project.
According to WatchTheBurn, today’s Ethereum burn rate has exceeded 69,000 ETH accounting for a total ETH issuance of 61,600. This is the new single-day historical record high since EIP-1559 came into effect.
The data from Glassnode and Data Always reveals that nearly 70,000 ETH was burned on May 1st and this is more than thrice the previous ATH of around 20,000 in mid-January
The creator of Bored Ape Yacht Club (BAYC), Yuga Labs’s metaverse went live a few days ago and made a sale of 55,000 virtual lands NFTs known as Other seeds. This huge traction pushed Ethereum gas fees to nearly $200 million and according to Etherscan data, users have paid almost 64,000 ETH which is equivalent to $175 million in just 24hrs.
Currently, the 55,000 ETH which was burned from Other seed is the sixth-largest burn in history.
Well, all thanks to EIP-1559 which decreased Ether’s circulating supply due to the burned base fee during each transaction. Since then Ethereum’s supply has lowered by 1.6% than it would have been without the hard fork.
Parallelly, the Ethereum supply on cryptocurrency exchanges dropped continuously over the past few months suggesting the digital asset’s price to witness more price gain in the coming months.
Ethereum Price Action
Ethereum, the world’s second-largest cryptocurrency by market capitalization is currently trading at $2,800 with an increase of 1.27% over the last 24hrs.
The Ethereum price had dropped as low as $2,718 before the price started its bull run above $2,750. On the upper hand, the immediate resistance stands at $2,850 followed by the $2,880 zone.
If Ethereum bulls fail to hold above $2,800, then the initial support level lies at $2,750 and then $2,720.