Ethereum’s PoW Version Is Already Growing 25% Ahead of the Merge
The long-awaited merge will take place in just a few hours, but the update is already having a major impact on the token which will represent an “older version” of the network with an active PoW consensus mechanism.
Over the past 24 hours, the token’s volatility skyrocketed as the coin’s value had previously fallen massively. ETHPOW lost around 78% of its value after it hit the cryptocurrency market.
ETHPOW has increased its value by over 25% over the past 24 hours, which may be linked to traders’ confidence in the reversal occurring after the merge went live. Unfortunately, the movement of funds seems to indicate the opposite, as most inflow providers still stick with Ethereum, and alternative networks like Ethereum Classic or Ravencoin are not seeing an increase in inflows.
Unfortunately, it is difficult to tell how things will end for the Ethereum PoW token, as Hashrate, the second largest network in the entire industry, is torn between the alternative network, Ethereum PoW, and those who once carried out mining operations. have decided to terminate. And for all.
How is Original Coin reacting?
Ethereum, on the other hand, remains relatively calm as the coin’s price performance over the past few days is not showing anything extraordinary, which should come as no surprise as most funds and retail investors avoid any operations with the asset before the big update. Huh. ,
The second-largest cryptocurrency on the market has gained over 1.3% of its value over the past 24 hours, but that could change once the update goes live as retail traders “buy rumours, sell news.”