The extra coin received by ETH holders on exchanges after the fork has faced a massive plunge since the trading took off
Bloomberg has reported that the new Ethereum PoW (ETHW) token that represents the chain whose miners and community have decided to remain on the proof-of-work protocol and not move into a “bright future” with PoS and Ethereum Future transitions fall into 2.0. Up nearly 60 percent since starting trading on Sept. 15 following the hard fork.
It started trading at $33, according to data provided by CoinMarketCap. By now, it has plunged to the $11.93 price line after soaring to the $60 ATH; the coin is currently ranked 2,664 on this platform. Users received ETHW on such major exchanges as FTX, Binance, etc, at a 1:1 ratio.
The native ETH token has also gone down after the merge, trading in the $1,445 area after traders began to “sell the news” and dumped their ether.
A research analyst from Messari based in India, Kunal Goel, believes that Ethereum on PoS has not received a wide support from miners, financial institutions and community overall. He expects it to gradually fade away, similar to other forks of Bitcoin and Ethereum – Bitcoin Cash, Bitcoin SV and Ethereum Classic.
