Ethereum Records 73,784 in Burned ETH Since London Hard Fork
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According to recent data from the Dune Analytics’ dashboard called “Ethereum after 1559,” approximately 73,784 ETH has gotten burned since the London Hard Fork earlier this month. The hard fork launch was a success, with Ethereum co-founder Vitalik Buterin professing confidence over the London upgrade on the future of the blockchain.
Following the ruleset change, many ETH enthusiasts still monitor the progress of coins getting burned daily. The 73,784 ETH burned in total is valued at about $236 million at current price levels. While everyday ETH transactions add to the burn rate, Dune Analytics notes that an array of Ethereum-based protocols burn a more significant amount of coins simply by operating.
The analytics platform revealed that prominent NFT marketplace Opensea is the most significant contributor to ETH burning and accounts for 9,121 burned Ether to date. Crypto projects Uniswap V2, Axie Infinity, Tether, and Uniswap V3 come after Opensea as significant ETH burners with 5,365, 4,024, 3,733, and 2,236, respectively.
Other projects like Metamask, USDC, and 1inch V3 have contributed significantly to the ETH burn rate with 1,405, 1,258, and 991 Ether, respectively. Additionally, Dune Analytics noted that an unknown entity has burned 1,443 ETH in total and holds the number six position in the top 100 Ether burners.
Key Ethereum Levels to Watch — August 25
Ethereum suffered a bearish blow yesterday to record a 5% decline below the $3,200 level. This decline came after a prolonged consolidation below the $3,400 line, which indicated that bulls lacked the strength to claim the resistance level.
Nonetheless, the second-largest cryptocurrency appears to be holding well above the $3,150 level as bulls struggle to regain control. That said, ETH needs to record a break above the $3,200 level, which coincides with our 4-hour 50 SMA level, over the coming hours or risk subsequent correction below $3,100.
Meanwhile, our resistance levels are $3,200, $3,300, and $3,400, and our support levels are $3,100, $3,000, and $2,900.
Total Market Capitalization: $2.05 trillion
Ethereum Market Capitalization: $369.8 billion
Ethereum Dominance: 18%
Market Rank: #2
