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Continuing its bull run, Ethereum set new record highs this week, with the ETH price rising to $4600. Solana also saw a 31% increase this week.
The new highs of Ethereum are due in part because of the rising popularity of NFTs and new DeFi projects deployed on the chain. Ethereum is also the home to many memecoins like Shiba Inu which have recently caught mainstream media’s attention. High trading volume in altcoins, coupled with Ethereum’s burn mechanic introduced in EIP-1559, leads to more Ethereum being burned and therefore less supply. Heavy trading volume has led to higher gas prices, but also a higher ETH price.
The Ember Investment team is bullish on Ethereum going into the later stages of this bull cycle.
Harsharn Singh
Investment Associate | Ember Fund
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