ETHW Price Plummets 86% from All-Time High Despite Binance Mining Pool Launch
ETHW Price Continues to Decline
The price of ETHW, the native token of the Ethereum proof-of-work fork, has plummeted 86% from its all-time high of $58.54 on September 3. CoinGecko data shows a 31% drop over the past week alone, with the token currently trading at $8.13, down 0.17% in the last 24 hours.
Binance Mining Pool Launch Fails to Boost Price
Binance recently announced the launch of a mining pool for ETHW, allowing both ASIC and GPU miners to participate. While the announcement briefly triggered an upward price movement on September 9, the token's value quickly retraced. Notably, Binance has not yet listed ETHW for trading on its platform.
Rocky Launch and Technical Challenges
ETHW's journey has been fraught with challenges. Initially traded as an IOU token before the network's launch, it generated short-lived excitement. The EthereumPoW network faced delays due to technical issues and a controversial launch. Shortly after going live on September 15, blockchain investigators discovered that developers had reused an existing chain ID, raising concerns about network authenticity.
Security Exploits Add to Woes
The network suffered a significant exploit on the Omni bridge, where attackers stole 200 ETHW by sending 200 Wrapped ETH. This incident further dented investor confidence in the fledgling network.
EthereumPoW's Struggle to Gain Traction
ETHW emerged as a response to Ethereum's transition to proof of stake in mid-September, aiming to provide a platform for miners. However, its struggles with price volatility, technical glitches, and security issues have hindered its adoption and growth.
Current Outlook
At $8.13, ETHW's price reflects ongoing challenges and a lack of market confidence. While Binance's mining pool provided temporary optimism, the token's long-term viability remains uncertain. Investors and miners are closely watching developments to assess whether ETHW can recover from its steep decline.
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