The second-largest crypto has always been on the lookout for, by traders and investors. With the alt season on the horizon, buyers wish not to let go of an opportunity. Maestro’s in the space, believe Ethereum to be undervalued to a greater extent. Ethereum has been receiving overwhelming adoptions and interests from institutions. On the other hand, negative issuance is on a spike lately, hinting at a surge in ETH prices.
The fact that Ethereum leads the NFT space at the forefront is undeniable. And social media platforms foraying into the world of NFTs. This would translate to a radical change in the valuation of the protocol. Crypto proponent enlightens that Reddit is building an NFT platform on Ethereum, which has an active user base of around 430 million. The platform had launched community tokens on Ethereum last year.
Twitter with its ~330 million users, had earlier enabled Ethereum based verification for profile picture NFTs. In addition, Tiktok with its billion-plus users has launched NFTs on the platform. Facebook with its ~2.8 billion users is getting into Metaverse, which will be huge for the blockchain. The user base of social media platforms put together can impart massive value to Ethereum and to the crypto space.
Negative Issuance of Ethereum Can Take Its Price to the Moon!
Over $3 million worth of ETH tokens have been burnt, ever since the EIP-1559 went live. Ethereum has reached its first whole week of negative issuance, with the fee-burning mechanism in place. With the coin burn in place, we can expect more negative issuance to follow.
The negative issuance of the coin can make it a deflationary asset, which in turn can make it a hedge over inflation. This spike is despite the Ethereum triple halving not in place yet. Analysts are expecting a surge in ETH prices to levels around $10,000 this cycle.
Netizens expect ETH to achieve a 5-digit price tag. With the transition to Proof-of-Stake, ETF approval by the U.S, among others. While other blockchains are buckling up with their protocols. Ethereum has come a long way with its adoption and acceptance. Netizens are hoping, the gas fees to be lowered in future upgrades at the earliest. With which we can expect ETH to claim higher highs.