ETH’s burning protocol sets new single-day historical record, thanks to…

ambcrypto.com:

Ethereum, the world’s largest altcoin, followed a bearish path below the $2,850-pivot level. In fact, ETH even traded below the $2,800-support level amidst the wider correction within the market. It traded as low as $2,718 before the bulls appeared on the horizon. Soon after, Ether’s price started an upside correction and climbed above the $2,750-level.

At press time, ETH, following a 2% hike, was trading at $2.85k. That’s not all, however, as ETH also noted a spike in burning activity.

Ethereum is projected to become deflationary later this year. The much-anticipated ‘Merge‘ would decrease ETH’s issuance by 90%, leading to more ETH burned than “printed.” Ethereum has already recorded several days of deflation due to high fees resulting in more being burnt. Following the merge, ETH’s net issuance is likely to range between -1% and -2.5%, depending mostly on the network’s transaction fees.

Talking about the burning mechanism, here’s the latest report card as it continues to hit new records.

According to WatchTheBurn, ETH burned today exceeded 69,200 ETH, with the net issuance of ETH at -61,600. Both set new single-day historical records since EIP-1559 took effect.

Source: Watchtheburn.com

The highly-anticipated virtual land sale related to Yuga Labs’ metaverse project went live days ago. The sale affected a huge portion of the entire crypto-market. The massive demand led to ETH fees worth nearly $200 million. In fact, data from Etherscan showed that users have paid almost 64,000 ETH in fees, equaling over $175 million, in the past 24 hours alone.

The aforementioned uptick on the graph best represents this unprecedented rise. At press time, 55,000 ETH burned from Otherdeed was the sixth-largest burn in history.

Thanks to EIP-1559,