Ethereum Burn Rate Surges 163% in a Week

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Ethereum’s daily burn rate has increased remarkably over the last week by 163%.  Historically, the burn rate trend shows that a rise in burnt ETH often precedes price increases, potentially due to a sudden decrease in supply. Based on previous data, spikes in burn rate in January and October 2023 led to a boost in Ethereum prices. The ETH burn activity aligns with the broader market anticipations of a bull run. The Ethereum token is currently trading at a price of $2,600 with an intraday move of 0.84%.