Ether Turns Inflationary as Network Revenue Plunges to Low

Network fees, a proxy for usage, plunged more than 9% this week to $22.1 million.

Ether (ETH) has reverted to be inflationary amid plunging activity on Ethereum.

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Ethereum’s native token, has been increasing as less tokens were destroyed and burned.

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The firm forecasted earlier that ETH could fall to as low as $1,000 if the trend continues.

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Ethereum’s much-anticipated Shanghai upgrade failed to boost crypto network activity.

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The Block joined a roster of crypto observers who noted bearish developments for ETH.

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Crypto services provider Matrixport its negative outlook for the crypto asset to BTC.

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ETH has recently changed hands at $1,591 and dropped to a low price against BTC.

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