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Ether Supply Decreased By 100.000 Coins Since The Merge

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Source: Ultrasound Money

For the past 217 days now, the overall supply of Ethereum has experienced a decline of about 103,092 coins.

As per Ether’s tracking site ultrasound money, this number is worth over $200 million at the present price.

What May Have Caused the Decline?

The ‘Merge’ repositioned Ethereum from its energy-intensive proof-of-work consensus mechanism to an environmentally-friendly proof-of-stake. This caused Ether’s supply to be reduced by over 100,000 coins.

If the ‘Merge’ didn’t happen and Ether was still secured by the miners instead of the stakers, there wouldn’t have been a decline.

By now, the ether supply of native coins will likely attain up to 2.52 million coins or $4.9 billion and above.

In addition, the supply of Ether’s native coins will also rise annually by 3.53%.

However, this expectation was affected by the post-Merge backlash. This led to Ethereum’s native coin supply reduction by 0.144% annually.

In addition, the ultrasound.money made claims that up to $1.2 billion will be taken out from the Ethereum supply during the same period.

READ ALSO: Is Cryptocurrency Regulation A Good Or Bad Decision

At present, Ether’s supply is nearly 120,418,032 million coins only. It is without a doubt that the Merge caused the reduction in Ethereum’s native coins supply.

However, it didn’t mainly execute the burning of Ethereum. Rather, the situation was caused by the Ethereum Improvement Proposal EIP-1559. This particular program emerged through the London upgrade.

Ethereum ETH Price Moves In Recent Times

MERGER ETH

ETH Price Chart April 21

Today April 21, ETH is trading on a downtrend. Its 24-hour price loss stands at 1.93%, while its 7 days price also shows a loss of 9.26%.

As of press time, Ethereum’s trading volume has declined by over 3% while its market cap is also down by 2.01%.

READ ALSO: ETH Gas Fee Escalates Due to Memecoin Accumulation Frenzy

Notably, the global market cap is also down by 2.30%, while other top coins, such as BTC and Tether, have also lost 2.94% and 0.03% in 24 hours.

Given the general outlook of the market, ETH may be reacting to the bearish trend affecting almost all crypto assets today. The asset is still below the $2K mark after losing it on April 19.

A trend reversal in the market might see ETH reclaiming its hold on the $2000 price level.

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