After The Merger, ETH Supply Is At An All-Time Low

Today, the total number of Ethereum tokens in circulation hit a post-Merge low of about 120,500,000 tokens.

The Merge was one of the biggest technical changes in the history of the network. It changed Ethereum from proof-of-work to proof-of-stake and changed its economics in a big way. It also decreased the total amount of new ether that was issued.

The falling supply could be related to the rising price of Bitcoin and equity markets, since traders often respond by buying higher-risk tokens that are only available on-chain. Demand for the network, or how many people are trying to make new transactions, makes the average amount of ether burned in each transaction go up, which makes the supply even smaller.

Since the beginning of 2023, the cost of transactions on Ethereum has steadily gone up. It was briefly as high as it was in the third quarter of 2021, when the prices of bitcoin and ether were much higher.

Dune Analytics says that there has also been a small rise in NFT activity on Ethereum. This activity isn’t as high as it was in 2021, when volume reached an all-time high, but it’s another sign that on-chain activity is on the rise again.

The number of ether tokens in circulation is an important fundamental factor that many analysts and traders look at when analyzing the price of ether. The idea is that less tokens in circulation is good for the price, since it means there are less tokens in circulation.

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