The token of the Ethereum PoW fork has seen its value drop by over 50% in the past week. ETH, on the other hand, has experienced a strong week.
Ethereum’s transition to proof-of-stake has resulted in a few calls for a proof-of-work fork, but the token for this fork does not appear to be doing well. The ETHPoW (IOU) token has seen its price drop by over 50% in less than a week, indicating that there doesn’t seem to be much support for it.
At first, the token appeared to be gaining some steam, but it has clearly lost a lot of its momentum. The token — ETHPoW (IOU) — is now only tradeable on IOU markets and may not be transferable across exchanges. There was a lot of discussion about the fork and the token on social media. But the 51% drop in market value from its all-time high of $141 has doused any hopes.
Meanwhile, the ETH price has been doing very well, jumping nearly 14% in the past week spurred by the positive news regarding the Merge. At the time of press, ETH was valued at $1,910.
Miners are keen on continuing the mining version of Ethereum because it has resulted in a lot of profit for them. The proof-of-stake transition will dent the revenues of many mining entities. Many crypto companies are also divided on the proposed PoW fork of Ethereum.
However, the EthereumPoW developers are working hard to go ahead with their plan. The group is spearheaded by a Chinese miner leading a team of 60 developers.
Ethereum should see its final merge on the mainnet next month, and the event is a highly anticipated one. It will be one of the biggest developments in Ethereum’s history, and the ETH token’s price has been affected positively by it.
Ethereum co-founder Vitalik Buterin has spoken about the merge and hard fork recently. At the ETH Seoul event, Buterin said that he does not expect a fork to have much of an impact, and so far, that expectation appears to be holding true.
The Merge completed its final trial on the Goerli testnet a few days ago. The news pushed the price of ETH up by 12.6%.
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