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Ethereum proof-of-work blockchain has plummeted by more than 95%. Ethereumpow (ETHW) now trades at a price less than 1% of the U.S. dollar value of ether. The team behind the Ethereum proof-of-work network acknowledged in March that the protocol’s prospects may not be as bright as they were in September 2022.
Almost a year after it debuted at just over $100, ethereumpow (ETHW), the native coin of the breakaway Ethereum proof-of-work (PoW) blockchain, traded at $1.32 on Sept. 13, 2023. At this price, the coin is down by more than 95% from its maiden price. In contrast, the main Ethereum blockchain’s native coin ETH, which traded at just under $1,560 at the time of The Merge, was pegged at $1,600 on the same day.
Ethereum Hard Fork Coin ETHW Down More Than 95% Since The Merge
The decline of the forked coin’s value appears to contradict assertions made by Chandler Guo, the instigator of the Ethereum blockchain’s last hard fork. As reported by Bitcoin.com News in 2022, Guo insisted the price of ETHW was “very cheap” and predicted its eventual rise by 100X. At the time, Guo suggested that it would take 10 years for the price of ETHW to match that of ETH.
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