36 Billion Worth of Ethereum Got Burned Since the implementation of EIP1559

Since the implementation of EIP-1559, billions worth of ETH have been removed from the market, helping the asset on its way up as an enormous selling volume could no longer reach the market. The amount of burned ETH coins exceeded 2.6 million, which is about $3.7 billion at the current price. If we measure the burned amount by the ATH, the value would be even higher, sitting at around $12 billion. More importantly, the annual inflation rate of Ethereum tumbled by more than 50% pushing Ether closer to becoming a deflationary asset, meaning that the issuance of the coin will drop below the burn rate.