Crypto Market Review: $DOGE is on the rise following another post from Elon Musk, while $ETH benefits from increased burn rate and $DXY poor performance
The burn rate of Ethereum has reached a level that has not been seen before. This increase in the burn rate is not just adding some phantom value to the asset, but it may have a direct effect on the asset's performance on the market. The network activity is one of the primary reasons behind the increased burn rate.
The ascending network activity has led to a rapid increase in the number of transactions taking place on the Ethereum network. This is due to the rise of the DeFi market, NFTs and other innovative applications that are built on top of Ethereum. The increased activity on the network means more Ether is being used to pay transaction fees, and the increased demand is leading to a higher burn rate.
As the burn rate continues to increase, the supply of Ethereum is dropping rapidly. This is because the protocol has been designed to remove a small amount of Ether from the network each time a transaction occurs. This process is called Ether burning, and it is designed to keep the supply of Ether in check.The DXY index, which measures the strength of the U.S. dollar against a basket of other major currencies, has been facing fierce resistance on the market lately.
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