Staked ETH Nears 14 Million As Ethereum Readies For Breakout


Since the completion of the Ethereum merger, sentiment among the community has remained positive. There were no withdrawal mechanisms encrypted in the hard forks, which meant that the fearsome market dumping of millions of yttrium did not happen. What happened was that the amount of ETH stored on the network continued to grow, and another important milestone for the network is now approaching.

ETH equivalent to nearly 14 million

By the time the merger was scheduled to take place, there were already over 13 million ETH linked on the network. This represents over 11% of the total Ethereum supply in circulation that has been temporarily taken out of circulation.

Now, less than two weeks after the merge was completed, the . file is Network fortified storage has already been increased. Since September 15, more than 200,000 ETH has been stored on the network. This brought the total ETH tied up to 13.979 million, leaving just under 27 ETH left for the network to reach the 14 million mark. This means that adding another authenticator will push the fortified amount above 14 million, which means that over 11.5% of the total ETH supply is now reserved.

Ethereum (ETH) price chart from TradingView.com

The accelerated rate of staking says a lot about the support that Ethereum is getting. Although there are those who lamented the network’s transition to Proof of Stake, the network’s improved capabilities suggest that this is the right direction for it.

Ethereum wants another hack

The cryptocurrency market has been reeling from the crash, but it has seen some meaningful recovery around this time. Ethereum has been one of the cryptocurrencies that is still showing promise even through this bearish race, and this has everything to do with ETH staking.

Since more ETH is stored on the network and there is no withdrawal mechanism in place, this ETH is taken out of circulation and supply is essentially reduced. The issuance of ETH since the merger has also fallen by 98%, which means that the supply of ETH is declining day by day.

All of these refer to the incoming supply pressure. Taking into account the fact that ETH continues to show accretion trends and support is forming at $1,300, a breakout towards $1,500 is likely at this point as more investors move their coins out of central exchanges, as we have seen in the past seven days, The supply will become tighter, causing the value of the cryptocurrency to inflate.

Featured image from Business 2 Community, charts from TradingView.com

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