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had fun making this chart
it’s ETH price / ETH burned ratio, shows the relationship between price performance and the burn mechanism
it basically means one of two things:
- either ETH maxis are right and $ETH is way more than just a token tied to chain performance since 1-2 years
- or $ETH is overvalued af and will underperform to catch back to the trend
(note: blob burns aren’t included here)