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Ethereum Network to Hit 1 Million Burned Coins in Next Few Days

in the EIP-1559 update, more than 930,000 Ethereum coins have been burned and disappeared. With the increased usage of the network, investors will soon see one million burned coins in total. #How coin burn affects the market With the high burn rate, Ethereum might enter a state of supply shock when the price of an asset rapidly changes due to the coin's inability to balance between supply and demand. The situation is getting worse due to skyrocketed exchange outflows, which indicate that traders are not willing to sell their holdings and prefer to store them somewhere else. Most cryptocurrency analysts note that long-term investors hope to see Ethereum reaching the status of a deflationary asset, which means that it will face the circumstance in which more coins are being burned than issued.
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