The ETHPoW (ETHW) which is the hard forked token of the Ethereum blockchain that was designed for the Ethereum Merge upgrade started trading after the 2.0 version of ETH was launched. This crypto made it to the trending section on CoinMarketCap, the major crypto price-tracking website, however, all that glitters is not gold. The crypto plunged over 60% at press time, which was the most notable change in the crypto market as after the merge people were optimistic about ETH peers in the market.
What Is ETHPoW?
The ETHPoW CoinMarketCap page mentioned the details of this crypto talking about ETH 2.0 and stated that:
“EthereumPoW (ETHW) is a potential hard fork of Ethereum blockchain with the Ethereum Merge. The Merge will see Ethereum transition to proof-of-stake, while the forked version would remain on proof-of-work.
EthereumPoW positions itself as ‘the original Proof of Work Ethereum, developed and run by the community.’ However, the “original” Ethereum would be Ethereum Classic, which is the initial Ethereum blockchain that continued with the chain’s original state after ‘The DAO’ Hack.
ETHPoW fork is supported by an unknown (in quantity and name) group of ETH miners that stand to lose from the switch to PoS. According to Messari, the Ethereum mining industry is worth an estimated $19 billion which will become obsolete with the change to PoS. Since Ethereum is mined with dedicated GPUs, miners cannot just switch to Bitcoin, which is mined with ASICs.”
ETHPoW Price Today
The ETHPoW CoinMarketcap page shows that the ETHPoW price today plunged by a huge 61.56% and it traded at $12.88 at the time of writing on September 16, 2022. This was just a day after the Ethereum Merge was launched. The market capitalization of the ETHW crypto was not ascertained till that time.
However, another prominent change that was seen was that the 24-hour trade volume of the coin skyrocketed by a huge 2121.30% and stood at $148.08 million. But one more thing is that the token started trading at a price of over $120 on September 8, 2022, therefore, it has lost a massive value of more than 90% in a span of just a week.
When people thought that the Beacon Chain powered merge could save ETH and its peers, just the opposite happened. Ethereum (ETH), Ethereum Classic (ETC), and ETHPoW all made it to the top 3 spots in the trending list of CoinMarketCap but slumped significantly.
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