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Ethereum (ETH) price declined after the update. ETH supply has fallen to its lowest level since August 2022.
The latest update of Ethereum, Dencun, took place on March 13th. The update is aimed at making the use of the network faster and cheaper.
After the Dencun update, Ethereum began to decline, as it did after past updates. Ethereum managed to exceed the $4,000 level for the first time since December 2021, with a rise of approximately 90% prior to the Ethereum ETF and Dencun upgrade.
With the update taking effect, Ethereum declined on Wednesday. After the update, the price fell to around $3,400 levels with a decrease of about 15%.
The total supply of ETH declined to its lowest level since August 2022 immediately before the Merge upgrade and experienced the fastest drop since May 2023.
Julio Moreno, Research Director of CryptoQuant, stated in his statement that the intense activity on the Ethereum network caused high transaction fees and thus more burned fees, which in turn led to a decrease in total supply.
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