ETH PUMP ?? Or DUMP
What happened: On Wednesday a total of 12,325.35 Ether ETH/USD worth $47,702,073, based on the current value of Ethereum at time of publication ($3,870.24), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.
Why it matters: On August 5th, 2021, the Ethereum blockchain implemented an important upgrade known as EIP-1159. This Ethereum improvement proposal changed the fee model drastically. Now each transaction includes a variable base fee that adjusts according to the current demand for block space. This base fee is burned, or permanently removed from circulation, lowering the supply of Ether forever.
