The Ethereum Proof of Work (ETHW) token was piggybacking on the popularity of Ethereum Merge. To keep the network on its original mechanism, the developer forked his Ethereum network.
Create your own token in the process. ETHW was launched after the merge was completed and airdropped to ETH holders. Digital assets have suffered a significant drop just days after launch.
Ethereum Proof of Work Recovers
Ethereum Proof of Work (ETHW) token distribution continued for several days after the merge. The reason is that the exchange needed more time to distribute the tokens to customers who currently hold ETH in their balances. Binance is the latest crypto exchange to complete its distribution, giving digital assets a much-needed boost.
It was early Tuesday when the world’s largest cryptocurrency exchange completed the distribution of ETHW. Cryptocurrency exchanges have also started depositing and withdrawing cryptocurrencies, and the demand for ETHW is growing rapidly.
Following this, the price of ETHW added over 30% to its value in a matter of hours. It broke through the $5 range, which had been trending for the past few days, and broke through the $7 range at the peak of the rally.
ETHW grows 30% in a single day | Source: ETHWUSD on TradingView.com
The rise has since leveled off, but digital assets continue to lead the crypto market in terms of profits. Coinmarketcap top gain listThis shows a 24-hour profit for digital assets at 33.64%.
ETHW ready to get more profit?
The Ethereum Proof of Work (ETHW) token may not be the most popular coin on the market right now, but it has definitely made its mark. It is backed by the fact that tokens are being sent to ETH holders who are proven to be.
The token has also created support just below the $6 point and this could be the bounce point for the cryptocurrency should a downward correction occur. As a result, the demand for virtual currency is increasing.
ETHW also hit an all-time high of $14, which occurred in a bear market. If years of Ethereum Classic’s growth are to blame, ETHW could continue to record significant profits for years to come. However, as is often the case with hardforked tokens, it will never be better than the original coin. In this case, ETHW may not reach Ethereum levels anytime soon.
Featured image from Forkast, chart from TradingView.com
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