Here’s why the ETHW fork dropped by more than 60% ahead of the merge! Despite the complaints of the merge and begging of creating a forked token, the ETHW token doesn’t seem to have lived up to the hype it did in the beginning of the month.
The Fall Of ETHW
Although the ETHW token technically does not exist yet because it will only be made once developers are able to make a hard fork during the Ethereum merge to Proof-of-Stake consensus in September, many crypto exchanges have already listed the ETHW token beforehand earlier this month in preparation for the merge.
On August 8th, the ETHW token was listed on a number of crypto exchanges, including MEXC, Gate.io, and Poloniex.
On the first day of its listing, the ETHW token did well, rising to a high price of around $138, but since then its price has fallen by more than 60% and now sits at a price of around $50 according to CoinMarketCap.
that's a steep drop 👀 pic.twitter.com/EhubtyqBd1
— Alpha Blocs (@TheAlphaBlocs) August 19, 2022
Why This Happened
With how many people in the community have voiced their complaints against the merge to Proof-Of-Stake, many were sure that the ETHW token would succeed and do well at first, so why exactly has it been falling in price instead?
One of the biggest reasons why this has happened may be because many in the community have simply seemed to lose interest in ETHW.
A number of prominent figures in the crypto industry have shown their dismissal for the ETHW fork token including Vitalik Buterin himself who earlier this month said those pushing for the ETHW fork were “simply trying to make a quick buck.”
Even prominent crypto miners such as Chandler Guo have claimed that ETHW is most likely going to fail in the long term, as well as the world’s largest ETH mining pool Ethermine recently announcing that they will no longer be offering any dedicated mining pools for the ETHW fork token.
Aside from that, many in the community have also pointed out that a majority of Ethereum investors were rooting for the proof-of-stake consensus merge due to the fact that it will make the blockchain much more efficient and make it easier to upgrade scalability, lower gas fees and more in the future.
Because of this, it’s said that those who support the ETHW fork token are mostly just Ethereum miners who want to continue making their money from mining ETHW tokens.
Don't be fooled by #EthereumPoW #ETHW, miners earned billions of dollars in the past 7 years – no need to be sorry for switching to PoS. It's time to move forward towards greater efficiency and safety, as well as less energy waste and coin issuance. pic.twitter.com/2D59g3kTqq
— Anton Bukov 🦇🔊 ⚖️ (@k06a) August 18, 2022