The destruction of over 105,000 ETH on the Ethereum network has raised supply concerns.

Over the last month, the Ethereum network has destroyed an astounding 105,248 ETH. At the same time, 70,655 ETH have been issued, meaning that Ethereum supply has decreased by 34,579 ETH and amid this, Solana is still a solid rival.

It is necessary to recognize the possible effect on Ethereum’s price because less supply frequently results in increased demand and price movements in an upward direction. But it’s important to understand that various things affect cryptocurrency pricing; the decrease in Ethereum’s supply is only one of many variables in this intricate equation.

The dynamic interplay between supply and demand will likely influence the overall market and establish Ethereum’s long-term worth as the network evolves.

The Ethereum NFT platform experienced a notable increase in transaction volume in November, rising by an astounding 109.5%. The transaction volume for the month was $558 million, according to data from The Block Pro, surpassing OpenSea for the ninth time in a row.

Concurrently, compliance CEX spot trading had a significant 52.8% increase in November, culminating in a $445 billion total volume. With a 69.7% market share, Binance led the field, followed by Coinbase (11.3%), Kraken (5.7%), BTSE (5.4%), and LMAX Digital (2.9%).

Solana Founder Supports Constructive Competition with Ethereum

Ethereum vs, Solana Network

Solana co-founder Anatoly Yakovenko recently tweeted that he had a favorable outlook on Solana and Ethereum’s partnership.

Yakovenko pleaded with the community to abandon the myth that other platforms are out to “kill” Ethereum. In a post on X (formerly Twitter), he highlighted that Solana’s success is independent of Ethereum’s demise. Instead, he sees a time when both platforms are thriving and growing, emphasizing the promise of technology.

Yakovenko presented the idea of “danksharding,” which suggests better data scalability, and he painted a picture of a future in which advancements in technology benefit the whole cryptocurrency industry.

The co-founder of Solana’s sentiment struck a chord with the cryptocurrency community, sparking conversations on social media.

A user highlighted the market’s hypothesis on possible competitors as the next “SOL killer,” highlighting the cryptocurrency market’s dynamic character where innovation and healthy competition propel advancement.

Yakovenko’s viewpoint highlights that competition is a necessary component of the continued evolution of the blockchain ecosystem rather than viewing it as a threat.

Solana Initiates Discussion on a Multi-Chain Future

Solana Blockchain Logo

Another comment to the hopeful tweet from the co-founder of Solana emphasized that a multi-chain future was inevitable and that forward-thinking engineers continually push the envelope of what’s possible.

The universal conviction in the coexistence of numerous successful platforms highlights the vast potential of blockchain technology, demonstrating its ability to tolerate varied solutions.

The co-founder of Solana’s tweet sparked an ongoing discussion highlighting the spirit of cooperation in the cryptocurrency community. Instead of living in stories of competition, the sector seems ready to embrace a future where disparate blockchain platforms get along, share knowledge, and work together to promote decentralized technologies.

In conclusion, as we stated earlier, the decreased supply may indicate that the price of ETH is about to surge. We have seen a price push for ETH above $2,000 in the last few hours. These activities could be the beginning of massive profits for ETH holders.

In addition, the market’s ongoing exploration of novel opportunities clarifies that there is much space for creativity and success among different blockchain initiatives. Hence, we should expect more future collaboration between crypto projects that seem to be rivals in the eyes of many.