The final test merge before the ‘Real Thing’
Ethereum (ETH - pronounced ‘eeth’) is the major headline going into the day -
On the eve of the Goerli Testnet Merge - the final test merge before the ‘real thing’ - aka
Ethereum’s Mainnet Merge -
The number 2 rated coin by market value jumped 8%, to a new monthly high of $1,851.
Ethereum educator and founder of the The Daily Gwei podcast, Anthony Sassano
“ETH giga pumping on the day of the Goerli merge
As Ethereum moves one-day and one-major-milestone closer to its Mainnet Merge,
speculators are starting to “buy in” to the hype.
The Twitter user SalsaTekila posted this TradingView chart, which shows
Ethereum-September Futures trading at a 9.4% premium above the spot price - drawing
to the conclusion:
“Speculators are bullish coming into that Merge, it would seem.”
The Merge will reduce Ethereum's energy consumption by ~99.95% -
according to the Ethereum.org website - essentially eliminating a major headwind
narrative that cryptocurrencies are energy inefficient.
And after the Merge, the daily issuance of new ETH will drop by ~90%. A massive
reduction to Ethereum supply.
Ethereum currently has an inflation rate of about 4.13% per year.
After the Merge, the inflation rate drops to about 0.49% per year.
The reduction in supply, coupled with an increase in demand - should spell higher-highs
for Ethereum’s future price.
How do we know demand for Ethereum is increasing?
Glassnode analytics revealed on Wednesday that the number of “non-zero” Ethereum
addresses - or crypto wallets that are holding some amount of ETH - had reached a
new all-time high - surpassing 84.86M.
And in anticipation of the upcoming Merge - major crypto exchange Binance announced
its support of Ethereum's merge to Proof-of-Stake.
Jim Cramer, the host of CNBC’s show Mad Money, joined the Ethereum headlines when
he commented on his show: (tweet)
“It’s a new day… buy Ethereum”.
Now all eyes in the crypto-world shift to the Goerli Test Merge.
If all goes as planned, and no bugs or technical issues are reported - then the Mainnet
Merge is scheduled to take place on Sept. 19th - only a few weeks away.
Ethereum Core Dev DanielC tweeted out:
“Just a few weeks left till The Merge.
The whole Core team… is on their toes working on the last fixes and
stabilization. We're almost there 💪 🐼”