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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Ethereum Proof Of Work (ETHW) Gains 30%, Is More Upside Coming?

Best Owie
Best Owie
2 years ago
3 mins read
Ethereum fork

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The Ethereum Proof of Work (ETHW) token had piggybacked off the popularity of the Ethereum Merge. In a bid to maintain the network in its original mechanism, developers had forked the Ethereum network, 

creating their own token in the process. The ETHW had been launched after the Merge was completed and was airdropped to ETH holders. The digital asset then suffered massive declines just days after launch. 

Ethereum Proof Of Work Recovers

The Ethereum Proof of Work (ETHW) token distribution had been ongoing for days after the Merge. The reason for this was exchanges needed more time to distribute the tokens to their customers who currently hold ETH on their balances. Binance was the most recent crypto exchange to complete its distribution, giving the digital asset a much-needed boost.

Related Reading: Cardano (ADA) Price Fails To Break $0.5 Despite Vasil Hype

It was in the early hours of Tuesday when the largest crypto exchange in the world had completed its ETHW distribution. The crypto exchange had also opened deposits and withdrawals for the cryptocurrency, promptly increasing the demand for ETHW.

Following this, the price of ETHW had added more than 30% to its value in a matter of hours. It broke out of the $5 range, which it had been trending in for the last couple of days, and barreled above $7 at the rally’s peak.

Ethereum Proof of Work (ETHW) price chart from TradingView.com

ETHW grows 30% in a single day | Source: ETHWUSD on TradingView.com

The rally has since leveled out, but the digital asset continues to lead the crypto market in terms of gains. It is currently number 1 on the Top Gainers list on Coinmarketcap, which lists the 24-hour gains for the digital asset at 33.64%.

ETHW Poised For More Gains?

Ethereum Proof of Work (ETHW) token might not be the most popular coin in the market currently, but it is definitely leaving its mark. Its value is helped by the fact that the tokens are being sent to ETH holders who have previously proven to hold their coins for a long time. 

Related Reading: More Than 125,000 Crypto Traders Liquidated, Here’s How Much They Lost

The token has also been creating support just under the $6 point, making this a possible bounce point for the cryptocurrency in the event of a downward correction. Additionally, there is more demand for the cryptocurrency now that it can be moved in and out of crypto exchange Binance.

ETHW’s all-time high also sits at $14, which took place in the bear market. If the growth of Ethereum Classic over the years is anything to go by, ETHW may go on to record massive gains over the years. However, as is typical for hard-forked tokens, they never quite do better than the original coins. In this case, ETHW will likely not reach the Ethereum levels anytime soon.

Featured image from Forkast, chart from TradingView.com

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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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