MEXCWill Ethereum’s Upsurge Continue Post Merge?
On-chain data analytics platform Santiment, has pointed out that Ethereum’s 80% increase over the past month and the significant market interest on it might be a good sign and can indicate that “things can continue”.
ETH bull run just before the merge?
The world’s second-biggest cryptocurrency ETH climbed as high as $1927 on Thursday, its highest level since early June. The rally is mostly attributed to the success of one of its testnets “Goerli”. As the merge draws closer, anticipation buds across the community.
The merge is a key event that is expected to make it faster and more energy-efficient. The final testnet Goerli, simulated a process similar to what the main network will execute in September.
The merge will have ether’s underlying blockchain transition from a proof-of-work system to a more cost and energy-efficient system called proof-of-stake. Proof-of-work consensus mechanisms depend on crypto miners to verify transactions which costs more and has environmental risks.
However, Proof-of-stake networks require validators to stake a certain amount of tokens to participate, making them much easier to use. The event, which has been delayed multiple times, is now slated to take place on Sept. 19.
ETH Validators staking almost at 13.3 Million ETH
ETH staked on the network continues to rise steadily even as merge draws closer. The first validator node was set over a year ago, and since then, thousands of validators have joined the effort. Several milestones have been hit along the way and most of the test networks were merged successfully.
Considering the fact that ETH is more than 50% down from its all time high, this amount is significant. A while ago, the total number of ETH staked ahead of the Merge had grown to more than 10% of its total supply. Due to FOMO and anticipation of the merge, the total number of ETH staked has climbed over 13.3 million. This shows ETH already has around 11% of its total supply out of circulation.
- Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase
- BlockDAG Listing Rumors on Coinbase and Kraken Fuel Hype; But Analysts Urge Caution
- Toobit Introduces Multi-Million Dollar Shield Fund to Protect Traders Against Platform Incidents
- $1.7 Trillion T. Rowe Price Files for First U.S. Spot Shiba Inu ETF, Boosting SHIB’s Adoption
- XRP News: Key Ripple Whale Indicator Turns Bullish After 4 Months, Price Rally Ahead?
- Analyst Foresees a Parabolic Rally for Pepe Coin Price as Whale Accumulation Intensifies
- Fidelity Amends S-1 for Solana ETF: Is SOL Price Set to Rally?
- Pi Coin Price Targets $0.65 as ISO 20022 Membership Boosts Institutional Confidence
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
