Meme coins trade activity pumping Ethereum burn rate: Report

The current analysis showed that the Ethereum network saw 23% of the total burned ETH in the last month, post-Ethereum Merge.

Ethereum is the second biggest crypto asset by market cap. In September 2022, Ethereum’s Proof-of-work (PoW) blockchain merged with Proof-of-stake (PoS) Beacon chain successfully. Now Ethereum is a PoS consensus-based blockchain network. 

TheMerge happened 231 days ago and after that, a total of 561,656 ETH has been burned, according to data available on Ultrasound Money. 

In the last 30 days, a total of 130,852 ETH has been burned. So here we can conclude that 23% of the total Ethereum burned in the last 30 days, post TheMerge. 

In the present time Uniswap is the top-ranked Decentralized crypto trade platform, by market cap and in the last 30 days, this Dex helped to burn 32,800 ETH. The net overall result showed that the current burn rate sits at 4.53 ETH per minute with an issuance offset rate of 3.47x. 

Few reports noted that the surging popularity of meme coins like PEPE, WOJAK, and TURBO helped to give a better push to the Ethereum network to grab transaction traffic. Such meme coins have done over $3 billion in cumulative trading volume and are climbing.

If this Ethereum burn rate, transaction volume, and meme coin trade activity will keep surging then it will surely result in a better outcome for the ETH price. 

The current trade price of Ethereum is $19,64 & this trade price is 3.59% high than the last 24 hours’ trade price.

The all-time high of ETH is $4,891.70 and still this second-ranked crypto asset is trading at a 59% down rate. 

New meme trend with BRC-20 

In Jan of this year, a few people introduced a new concept BRC-20 to mint meme coins & NFTs on the Bitcoin network via Bitcoin ordinals.

Brc-20 concept-based meme coins are grabbing huge popularity in the crypto sector. Recently the BRC-20 protocol upgraded to ORC-20 to push the BRC-20 protocol to the next level with better features. 

A new ORC20 for upgrading Bitcoin's new BRC20 coin issuance mechanism is launched, which canceled restrictions such as 4 letters, Fixed keys, etc.; but its complexity and centralization have also drawn criticism. The more important problem is that it has no advantage over ERC20,… pic.twitter.com/23ErRjPO9P

— Wu Blockchain (@WuBlockchain) May 5, 2023

Strangely there are no use cases of BRC-20 or ORC-20 like ERC-20 have but still, people are investing in such coins blindly, as a part of a new crypto trend.

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