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. Related Reading: Cardano (ADA) Price Fails To Break $0.5 Despite Vasil Hype It was in the early hours of Tuesday when the largest crypto exchange in the world had completed its ETHW distribution. The crypto exchange had also opened deposits and withdrawals for the cryptocurrency, promptly increasing the demand for ETHW. Following this, the price of ETHW had added more than 30% to its value in a matter of hours. It broke out of the $5 range, which it had been trending in for the last couple of days, and barreled above $7 at the rally’s peak. ETHW grows 30% in a single day | Source: ETHWUSD on TradingView.com The rally has since leveled out...
