The Ethereum Proof of Work (ETHW) token had piggybacked off the popularity of the Ethereum Merge. In a bid to maintain the network in its original mechanism, developers had forked the Ethereum network,
creating their own token in the process. The ETHW had been launched after the Merge was completed and was airdropped to ETH holders. The digital asset then suffered massive declines just days after launch.
Ethereum Proof Of Work Recovers
The Ethereum Proof of Work (ETHW) token distribution had been ongoing for days after the Merge. The reason for this was exchanges needed more time to distribute the tokens to their customers who currently hold ETH on their balances. Binance was the most recent crypto exchange to complete its distribution, giving the digital asset a much-needed boost.ETHW grows 30% in a single day | Source:The rally has since leveled out, but the digital asset continues to lead the crypto market in terms of gains. It is currently number 1 on the , which lists the 24-hour gains for the digital asset at 33.64%.
ETHW Poised For More Gains?
Ethereum Proof of Work (ETHW) token might not be the most popular coin in the market currently, but it is definitely leaving its mark. Its value is helped by the fact that the tokens are being sent to ETH holders who have previously proven to hold their coins for a long time.
The token has also been creating support just under the $6 point, making this a possible bounce point for the cryptocurrency in the event of a downward correction. Additionally, there is more demand for the cryptocurrency now that it can be moved in and out of crypto exchange Binance.Featured image from Forkast, chart from TradingView.com
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