Jamal Al-Farouq Almost a year after its debut at just over $100, ethereumpow (ETHW), the native coin of the Ethereum proof-of-work (PoW) blockchain breakaway, has seen its value plummet to a mere $1.32 on September 13, 2023. This marks a staggering decline of more than 95% from its initial price. In stark contrast, Ethereum’s primary blockchain, represented by its native coin ETH, which was trading at just under $1,560 during The Merge, now stands at $1,600 on the same day.
The substantial decline in the value of ETHW appears to contradict the predictions of Chandler Guo, the instigator of the last hard fork in the Ethereum blockchain. In 2022, Guo confidently asserted that ETHW was “very cheap” and anticipated a 100-fold increase in its value. He even suggested that it would take a decade for ETHW to match the price of ETH.
However, a year later, ETHW, which once held a value equivalent to 6% of ETH, seems far from achieving price parity with ether. Current data reveals that the forked coin’s value is now less than 1% of ETH’s value.
Furthermore, the trading volumes of the forked coin have also dwindled significantly over the past twelve months. Shortly after the hard fork, ETHW’s daily trading volumes averaged more than $100 million for the remainder of September 2022. Contrastingly, data from September 1 to 13, 2023, indicates that the forked coin’s traded volumes have remained below $8 million.
In contrast, ETH has maintained a more robust position in the market, with daily trading volumes ranging between $2 billion and $17 billion since transitioning to the proof-of-stake consensus mechanism. Additionally, ETH continues to hold its position as the second most dominant cryptocurrency.
While some Ethereum PoW network supporters remain optimistic, the chain’s team acknowledged in March that the protocol’s future may not shine as brightly as it did in September 2022. In an official statement posted on their handle, the team identified issues such as a lack of funding and the absence of a unified and effective organization to coordinate resources within the ecosystem.
To address these challenges, the team proposed the establishment of “EthereumPoW One – An All-in-One Ecosystem DAO (decentralized autonomous organization).” However, as reflected in the data, even the announcement of this proposal on March 17 has failed to halt the decline in ETHW’s price.
The trajectory of ETHW serves as a reminder of the volatile nature of the cryptocurrency market, where predictions and expectations can quickly shift, leaving investors and enthusiasts with unexpected outcomes. What are your thoughts on this evolving story? We welcome your insights in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Ethereum Hard Fork Coin
What is ETHW and why has it experienced a significant decline in value?
ETHW is the native coin of the Ethereum proof-of-work (PoW) blockchain, resulting from a hard fork. Its value has plummeted by more than 95% due to market dynamics and expectations not meeting earlier predictions.
Who predicted a rise in ETHW’s value, and what were the predictions?
Chandler Guo, the instigator of Ethereum’s last hard fork, predicted a substantial rise in ETHW’s value. He considered it “very cheap” and foresaw a 100-fold increase, suggesting it might take a decade to match ETH’s price.
How does ETHW’s current value compare to Ethereum’s native coin, ETH?
As of September 13, 2023, ETHW trades at a mere $1.32, while ETH stands at $1,600, highlighting a significant disparity in their values.
What are the trading volume trends for ETHW and ETH?
ETHW’s trading volumes have sharply declined, from over $100 million after the hard fork to less than $8 million between September 1 and 13, 2023. In contrast, ETH maintains substantial daily trading volumes ranging from $2 billion to $17 billion.
What challenges has the Ethereum PoW network faced, and how did the team attempt to address them?
The Ethereum PoW network faced challenges such as a lack of funding and an absence of an effective organizational structure. To tackle these issues, the team proposed “EthereumPoW One – An All-in-One Ecosystem DAO,” though it seems this proposal has not halted ETHW’s price decline.
More about Ethereum Hard Fork Coin
- [Chandler Guo’s Prediction](Link to Chandler Guo’s prediction article or source)
- [Ethereum Hard Fork](Link to information about Ethereum hard forks)
- [Ethereum (ETH)](Link to Ethereum’s official website or a reputable source)
- [Cryptocurrency Market Trends](Link to a source on cryptocurrency market trends)
- [Ethereum PoW Network](Link to information about the Ethereum Proof-of-Work network)
- [Cryptocurrency Analysis](Link to a reputable cryptocurrency analysis source)
- [Ethereum Ecosystem](Link to Ethereum’s ecosystem information)
- [Crypto Market Trends](Link to a source on cryptocurrency market trends and analysis)
