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More than 367,779.96 ETH were burned in Q3 this year

According to an update from the founder and CEO of venture fund 1confirmation, Nick Tamaino, in the third quarter of this year, a significant amount of Ethereum (ETH) was burned: 367,779.96 tokens.

Over $1.2 billion of ETH burnt in third quarter 2021

more-than-367779-96-eth-were-burned-in-q3-this-year

Source: Nick Tomaino

1confirmation is a venture fund backed by big names like billionaire Mark Cuban and billionaire Peter Thiel – both major crypto critics have recently turned crypto advocates big. That amount of ETH is worth more than $1.2 billion in fiat. More accurate figures provided by ethburned.info: total Ethereum burned is 409,669.05, worth $1,358,695,270.66.

In the past hour, 251.14 ETH was destroyed – equivalent to $811,370.23.

As AZCoin News reported, Ethereum Improvement Proposal (EIP) 1559 was an integral part of the hard fork in London on August 4. The EIP aims to stabilize the transaction fee market, reinforcing the economic value of ETH and against the inflation rate that comes from the miner’s reward. Since it was first deployed, 409,859 ETH in base fees – worth over $1,359,932,694 at current exchange rates – has been burned and permanently removed from the circulating supply.

more-than-367779-96-eth-were-burned-in-q3-this-year[1]

Source: Dune Analytics

Meanwhile, Ethereum price has recovered to $3,250, after Bitcoin spiked from $44,000 to nearly $48,000 earlier today. The number of small Ethereum wallets has grown to 3.8 million, according to data shared by IntoTheBlock.

At the time of writing, ETH is changing hands at $3,235, up 9% in the last 24 hours.

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