Ethereum started the year with inflationary supply growth after spending the majority of 2023 as a deflationary coin.
Ether’s supply has grown by 3,051 coins ($7.2M) since tagging a record post-merge low on Dec. 30 as on-chain activity dried up over the New Year holidays, according to data from Ultra Sound Money.
Ether’s supply had steadily trended downwards throughout 2023 except for September and October, during which more than 54,000 ETH were added to its supply. However, competition for block space quickly picked back up amid a flurry of memecoin trading amid the increasing popularity of Telegram trading bots, with 86,825.5 ($206.5M) coins removed from supply between the start of November and Dec. 30.
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#undefined [Source: TheDefiant]