MadsEberhardt_Steno
The Ethereum Printer Does NOT Go Brrr
There are few things as volatile as cryptocurrency prices. One notable exception may be Ethereum's total transaction fees. Recently, Ethereum's transaction fees have significantly increased, leading to the network burning more Ether from fees than it issues to stakers. In the past 24 hours, Ethereum has seen its supply decrease by about 3,200 Ether. Not only do higher transaction fees reduce the supply, but they also reinforce Ethereum's 'ultrasound money' narrative. In traditional markets, it is commonly believed that narrative follows price. However, in the crypto market, the opposite is mostly true: price follows narrative. This narrative is arguably even more critical for Ethereum than the direct price impact by the reduced supply.