Regardless of Ethereum’s odd price action over the past few days, the second-largest crypto by market cap has been breaking records behind the scenes. According to Ultrasoundmoney, ETH supply deflation has recently hit a record high as the total ETH supply has dropped by nearly 1% in the past 30 days.
This drop in supply comes at a time when the ETH price has dipped in recent weeks and is currently showing a bullish trend. Over the past three days, ETH has surged by nearly 10% after surviving major losses from last week.
Deflation Ramps Up As Ethereum Supply Plummets
No doubt, Ethereum’s transition into a proof-of-stake consensus has been a blessing to the network. Not only has it impacted the asset’s supply positively, but it has also been beneficial to the network’s overall growth.
According to data from Ultrasound.money, the Ethereum network is currently ramping up to be deflationary as the network supply has plummeted by 63,287 ETH at the time of writing since the merge
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