As of December 2023, the amount of ether reached 120,211,762 coins. This marks the lowest level of ETH market supply since the network merger in September 2022.
Coin staking has emerged as a unique tool for gaining access to transaction verification. Taking ETH out of circulation plays a pivotal role in reducing supply and bolstering the value of the asset by creating an element of artificial scarcity.
Had the original PoW consensus been maintained, the supply of ether could have swelled to 4.7 million coins. However, by burning 1,195,238 ETH, equivalent to around $2.65 billion, the Ethereum ecosystem managed to sustain ETH’s position as the top cryptocurrency in terms of market capitalization.
On the evening of Wednesday, December 13, the market value of ether witnessed a dip to $2,200.
Over the past 24 hours, the price of ETH has risen by 1.7%, effectively nullifying the asset’s 1.8% decline over the seven-day period.
Earlier, the Bits.Media portal released an article reviewing the overall progress of the Ethereum blockchain following the transition to Proof-of-Stake and the deflationary model. Despite more than a year passing, the second-largest cryptocurrency in terms of capitalization is yet to fully meet investment expectations.