After a successful breakout past $3,400 for the first time since May yesterday, Ethereum’s native token, ether, continues to surge. The second-largest cryptocurrency by market capitalization added 6% in the past 24 hours as of 5:02 a.m. Eastern, trading at $3,537. Over the last month, ether has risen 35.10% as Ethereum burned over $500 million worth of tokens(147,759 ETH) in the wake of Ethereum Improvement Proposal 1559’s activation on August 4. The upgrade burns a portion of gas, or fees otherwise paid to the miners, removing a chunk of ETH from circulation, adding deflationary pressure to the asset.
Much of the heightened activity, and subsequent burns, is tied to the resumed boom of non-fungible tokens sales, which overwhelmingly take place on Ethereum. The buzziest NFT collections such as the Bored Ape Yacht Club, Meebits, and CryptoPunks –– all have seen their sales volumes skyrocket by more than 300% in the last month. The latter surpassed $1 billion in sales volume on August 28th thus becoming the second NFT project to do so after Axie Infinity. The total amount of ether burned through the leading NFT marketplace OpenSea, which is reportedly handling 98% of the total NFT sales, already exceeds $78 million, according to data from DappRadar.
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