The Ethereum Proof of Work (ETHW) token halted the popularity of Ethereum Merge. In an effort to keep the network in its original mechanism, the developers split the Ethereum network,
Create their own icon in the process. ETHW was launched after the merger was completed and airdropped to ETH holders. Then the digital assets suffered massive declines just days after their launch.
recovering ethereum proof of work
The distribution of the Ethereum Proof of Work (ETHW) token continued for several days after the merger. The reason for this was that the exchanges needed more time to distribute the tokens to their clients who currently hold ETH on their balances. Binance was the latest cryptocurrency exchange to complete its distribution, giving digital assets a much-needed boost.
It was in the early hours of Tuesday morning when the world’s largest cryptocurrency exchange completed its ETHW distribution. The cryptocurrency exchange also opened cryptocurrency deposits and withdrawals, which immediately increased the demand for ETHW.
After that, the price of ETHW added more than 30% to its value in a matter of hours. It broke through the $5 range, which it has been trending towards for the past two days, and rose above $7 at the height of the rally.
ETHW grows 30% in a single day | Source: ETHWUSD on TradingView.com
The rally has since stabilized, but digital assets continue to lead the cryptocurrency market in terms of gains. He is currently number 1 on List of Top Gainers on Coinmarketcapwhich lists the 24-hour gain for the digital asset at 33.64%.
Is ETHW poised for more gains?
The Ethereum Proof of Work (ETHW) token may not be the most popular coin on the market right now, but it is definitely making its mark. Its value is helped by the fact that the tokens are sent to ETH holders who have previously proven to hold their coins for a long time.
The coin is also creating support just below $6, making this a potential rebound for the cryptocurrency in the event of a downward correction. In addition, there is more demand for the cryptocurrency now that it can be transferred in and out of the Binance crypto exchange.
The all-time high for ETHW is also at $14, which occurred in the bear market. If the growth of Ethereum Classic over the years is something to happen, ETHW could continue to post massive gains over the years. However, as is usual for fork tokens, they do not perform better than the original coins. In this case, ETHW likely won’t reach Ethereum levels anytime soon.
Featured image from Forkast, chart from TradingView.com
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