Ethereum Hits The Lowest ETH Burn of 2024 Amid Fee Dip!

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On Sunday, May 5th, Ethereum saw a record low for the year with only 610 ETH burned, reported by TheBlock. This decrease in ETH destruction is due to reduced network fees, with current gas fees between 5 and 10 gwei, significantly lower than earlier in the year. Normally, Ethereum’s daily burn ranged from 2,500 to 3,000 ETH from January through April. The reduction in fees results in less ETH being burned as fees directly influence the amount of ETH destroyed, which is a method used to reduce the overall supply and potentially increase its value.