Ethereum’s Fork ETHW Token Is Trading Under $100

Ethereum's Fork ETHW Token Is Trading Under $100

A non-existent Ethereum token, called ETHW, is trading under $100 on several crypto exchanges after launching at $30.

ETHW is the native asset of the ETHPoW chain. ETHPoW, for now, is a new chain that can be backed by proof-of-work (PoW) miners as the original chain transitions to proof-of-stake (PoS) consensus during the “Merge” event in September.

Meanwhile, the proof-of-stake version of ETHS is trading at around $1,600, according to exchange data MEXC.

Due to this potential chain split, anyone holding a certain amount of Ether (ETH) of the original chain will automatically receive an equivalent amount of ETHW tokens. Such speculations have led some exchanges to list ETHW for pre-trade.

As CoinCu reported, Poloniex has announced support for both ETHW, as well as ETHS, a PoS chain token, listed for trading with Ether.

Cryptocurrency exchanges MEXC Global and Gate.io have also listed ETHW and ETHS on their platforms. At the same time, OKX CEO Jay Hao has pledged that they will list newly forked Ethereum coins if there is “sufficient demand” for them among traders.

ETHW launched on Poloniex and MEXC Global on August 8 at around $30 per token. On the same day, it rallied 333% to $130 before correcting to approximately $100 on Aug 9. The token’s trading volume has been stable since its release.

ETHW price chart. Source: MEXC Global

On the other hand, Ethereum co-founder Vitalik Buterin called the fork supporters “a few outsiders” who own crypto exchanges and “want to make a quick buck.”

He reaffirmed that Ethereum miners already have a PoW alternative in Ethereum Classic, the original version of Ethereum, noting that it has “a superior community and superior product for proof-of-work”.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.