Every new day is happening in the cryptocurrency industry. At this point, the last event took place on the Ethereum front.
At this point, it was stated that an unknown person using the name “nd4.eth” ENS sent and burned 2,500 ETH (worth $4.5 million) to an incineration address.
While the reason behind this burn is unknown, this move has taken the Ethereum community by surprise.
With this burning, 2,500 ETH was irreversibly destroyed.
In fact, the transfer of burned ETHs took place on July 26, but it has just come to the fore.
While the ETH burning has made a big impact in the crypto industry, experts have various opinions on the reason behind it.
While many of the experts stated that a person or institution cannot destroy $ 4.5 million worth of ETH for no reason, some argued that ETH has become solid money as the supply of Ethereum has effectively decreased with this burning.
At this point, Wildcat Protocol founder Laurence Day had the following to say about ETH burning:
“You should wake up this morning and thank nd4.eth for removing 2,500 ETH from the supply and making ETH stronger money.
If you're not thanking me, I want you to think long and hard about what you're trying to achieve.”
While talking about the ETH burning, Lookonchain also shared information about the address that made the burning. Accordingly, it was stated that this address sent 1.5 ETH (worth $7,000), 34.9 GMX and 600 GNS to the same burning address.
This address costs approximately 34,287 GMX (worth $1.8 million) and 311,000 GNS (worth $1.5 million).
The guy who transferred 2,500 $ETH($4.58M) to a dead address on July 26th is a whale with 34,287 $GMX($1.84M) and 311,003 $GNS($1.43M).
He spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 $GMX ($1,989) and 600 $GNX ($2,733) to the dead address. pic.twitter.com/uB81V8Z9Iu
— Lookonchain (@lookonchain) August 7, 2023
*Not investment advice.
