Potential Ethereum Fork ETHPOW Crashed 80% Since Debut - More Pain Ahead?
A recent report reduced ETHPOW's drop target to $18 if the token comes to life after the merger.
The listing of ETHPOW (ETHW) on several crypto exchanges was followed by a huge price drop despite some initial success.
ETHPOW down 80%
On the daily chart, ETHW's price fell over 80% to $25 on September 10, more than a month after entering the market.
ETHW/USD daily price chart. Source: TradingViewFor starters, ETHPOW currently only exists as a futures ticker, designed in anticipation that an upcoming network update on Ethereum might cause a chain split.
Ethereum will undergo a major protocol change called Merge by mid-September, moving its existing consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS).
Therefore, Ethereum will obsolete its army of miners, replacing them with "validators", which are nodes that would perform the same tasks by simply staking a certain amount of tokens with the network.
As a result, current Ethereum miners will be forced to migrate to other PoW chains or shut down. Ethereum Classic (ETC), which bears the original Ethereum PoW code, profited the most by becoming
A recent report reduced ETHPOW's drop target to $18 if the token comes to life after the merger.
The listing of ETHPOW (ETHW) on several crypto exchanges was followed by a huge price drop despite some initial success.
ETHPOW down 80%
On the daily chart, ETHW's price fell over 80% to $25 on September 10, more than a month after entering the market.
ETHW/USD daily price chart. Source: TradingViewFor starters, ETHPOW currently only exists as a futures ticker, designed in anticipation that an upcoming network update on Ethereum might cause a chain split.
Ethereum will undergo a major protocol change called Merge by mid-September, moving its existing consensus mechanism from proof-of-work (PoW) to proof-of-stake (PoS).
Therefore, Ethereum will obsolete its army of miners, replacing them with "validators", which are nodes that would perform the same tasks by simply staking a certain amount of tokens with the network.
As a result, current Ethereum miners will be forced to migrate to other PoW chains or shut down. Ethereum Classic (ETC), which bears the original Ethereum PoW code, profited the most by becoming
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