Altcoin Daily host Aaron Arnold says he believes Ethereum (ETH) is poised for a massive move up amid exponentially strong fundamental growth.
In a new video, Arnold tells his 952,000 YouTube subscribers that Ethereum is going through a supply shock courtesy of the EIP-1559 update, which permanently removes a certain amount of ETH from the circulating supply each time a transaction is processed.
“The Ethereum block space is getting used and because Ethereum changed its monetary policy, an insane amount of ETH is getting burnt, over 100,000 ETH due to NFTs platform, DEXs (decentralized exchanges), DeFi (decentralized finance), play-to-earn [games], stablecoins.”
At time of writing, Ethereum tracking tool Etherchain shows that over 125,923 ETH have been torched since the update launched earlier this month.
Another reason why Arnold is bullish on Ethereum is due to its low annual inflation rate.
“For the first time, Ethereum’s daily issuance was actually lower than that of Bitcoin. So understand this: ETH’s