Ethereum PoW Fork Token Price Drops by Over 50% in the Past Week

The token of the Ethereum PoW fork has seen its worth drop by over 50% in the previous week. ETH, on the different hand, has skilled a powerful week.

Ethereum’s transition to proof-of-stake has resulted in a number of requires a proof-of-work fork, however the token for this fork doesn’t look like doing nicely. The ETHPoW (IOU) token has seen its worth drop by over 50% in lower than per week, indicating that there doesn’t appear to be a lot assist for it.

At first, the token seemed to be gaining some steam, nevertheless it has clearly misplaced loads of its momentum. The token — ETHPoW (IOU) — is now solely tradeable on IOU markets and will not be transferable throughout exchanges. There was loads of dialogue about the fork and the token on social media. But the 51% drop in market worth from its all-time excessive of $141 has doused any hopes.

Meanwhile, the ETH worth has been doing very nicely, leaping almost 14% in the previous week spurred by the constructive information concerning the Merge. At the time of press, ETH was valued at $1,910.

Miners are eager on persevering with the mining model of Ethereum as a result of it has resulted in loads of revenue for them. The proof-of-stake transition will dent the revenues of many mining entities. Many crypto corporations are additionally divided on the proposed PoW fork of Ethereum.

However, the EthereumPoW builders are working laborious to go forward with their plan. The group is spearheaded by a Chinese miner main a staff of 60 builders.

Ethereum ought to see its last merge on the mainnet subsequent month, and the occasion is a extremely anticipated one. It will likely be one in every of the greatest developments in Ethereum’s historical past, and the ETH token’s worth has been affected positively by it.

Ethereum co-founder Vitalik Buterin has spoken about the merge and laborious fork lately. At the ETH Seoul occasion, Buterin mentioned that he doesn’t anticipate a fork to have a lot of an affect, and thus far, that expectation seems to be holding true.

The Merge accomplished its last trial on the Goerli testnet a number of days in the past. The information pushed the worth of ETH up by 12.6%.

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