$ETH seeing a surge in burning volume on the network, which might have pushed the price back to the $1,700 price level
network through the burning mechanism implemented in the Merge update. The burn rate on the network spiked to new highs, thanks to the increasing network activity.
The Merge update was the highly anticipated upgrade to Ethereum that aimed to transition the network from a proof-of-work consensus mechanism to a proof-of-stake mechanism. This update brought several benefits, including faster transaction processing times and lower transaction fees. It introduced a new burning mechanism that permanently removed ETH from circulation, reducing the overall supply of the token.The recent spike in burn rate is a positive sign for the Ethereum network.
The largest contributors to the increased network activity are the rise of Layer 2 networks, which enable faster and cheaper transactions on the Ethereum network, and the returning activity in the DeFi industry, which has been a major driver of Ethereum's growth in recent years. Additionally, the overall increase in risk tolerance among retail investors has led to increased demand for
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