Ethereum Network burns over $13 million worth of ETH in the last 30 days

The most recent data from the Ethereum network shows that there has been another deflationary trend in the supply of Ethereum (ETH).

Over $13 million worth of Ethereum (ETH) has been destroyed in the last 30 days, according to the net supply change, which shows a drop of 5,619.39 ETH. The network’s burning mechanism, which has burned 74,933.24 ETH is the cause of this deflationary pressure.

The consequences of this deflationary trend indicates that Ethereum’s surge is about to begin as it implies that there is less ETH available overall. If the demand remains constant or increases, might result in a rise in the value of each token.

This dynamic might pave the way for a positive sentiment, along with the Ethereum network’s ongoing growth and uptake.

But it’s important to understand that Ethereum’s market traction is now somewhat low. The second largest crypto by market cap hasn’t gained much traction despite the burn and the deflationary state of supply because there hasn’t been much network activity or revolutionary changes.

Even the market-influencing activities of Vitalik Buterin, cofounder of Ethereum, seem to give, at most, a small boost in the current environment.