Image default
Ethereum

CoinGecko Co-Founder Predicts Rise of Ethereum PoW Fork, Says the Merge Could Ignite Volatility

The co-founder of a outstanding crypto information aggregator is predicting the emergence of new Ethereum (ETH) laborious forks as the main sensible contract platform gears up for its much-anticipated improve.

CoinGecko govt Bobby Ong says Ethereum’s present miners are motivated to create a brand new proof-of-work (PoW) model of ETH as soon as the king altcoin transitions to a proof-of-stake consensus mechanism, which is scheduled to happen in a couple of week.

“Ethereum is going through an upgrade where it will transition from proof of work to proof of stake. After the transition, ETH miners can no longer mine. Miners are forking ETH to keep a PoW version so they can continue mining.”

According to Ong, the new ETH PoW forks will seemingly airdrop tokens to present Ethereum holders.

“The Ethereum Merge is scheduled to take place on 13th September. Christmas season is here again. ETH holders will soon be airdropped ETH PoW tokens.”

Ong additionally says that primarily based on Bitcoin’s (BTC) historical past of laborious forks, it’s inside the realm of risk that multiple ETH PoW fork may pop up.

“We have about [six] days to go to the Merge. I think many markets and protocols will get volatile, messy, and complex especially in the hours before/after Merge. One or more ETH PoW forks may show up. Dug up our old 2017 crypto report on Bitcoin forks and found this.”

Image
Source: Bobby Ong/Twitter

The CoinGecko co-founder highlights that he doesn’t plan on holding any ETH PoW tokens that he receives.

“My strategy for these fork tokens is to sell them all immediately. Almost all the fork tokens are now dead as they are created solely to keep miners temporarily occupied with mining and have no incentive to grow their community and usage.”

He additionally says that amid the noise and volatility main as much as the merge, Ethereum merchants could discover a short-term alternative.

“Buy the rumor, sell the fact… ETH will probably be bought up in the hours to the Merge and dumped immediately after. You can choose to sell ETH and take profit then.”

At time of writing, Ethereum is altering palms for $1,536, down over 7% on the day.

Don’t Miss a Beat – Subscribe to get crypto e-mail alerts delivered on to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl aren’t funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital property. Please be suggested that your transfers and trades are at your personal danger, and any loses chances are you’ll incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital property, neither is The Daily Hodl an funding advisor. Please word that The Daily Hodl participates in internet online affiliate marketing.

Featured Image: Shutterstock/sakkmesterke/monkographic

Related posts

Institutions Trim Down Crypto Investments Amid Regulatory and Geopolitical Uncertainty: CoinShares

Crypto Advisor

Ethereum (ETH) Flashing Historically Bullish Signal Amid Gloomy Trader Sentiment: Analytics Firm

Crypto Advisor

Ethereum Whale Abruptly Moves Over $145,000,000 in ETH – Here’s Where the Crypto Is Going

Crypto Advisor

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

bitcoin
Bitcoin (BTC) $ 18,924.13 1.64%
ethereum
Ethereum (ETH) $ 1,301.88 0.61%
tether
Tether (USDT) $ 1.00 0.21%
usd-coin
USD Coin (USDC) $ 1.00 0.10%
bnb
BNB (BNB) $ 273.97 1.27%
binance-usd
Binance USD (BUSD) $ 1.00 0.05%
cardano
Cardano (ADA) $ 0.458215 0.12%
xrp
XRP (XRP) $ 0.495734 12.06%
polkadot
Polkadot (DOT) $ 6.33 1.95%
solana
Solana (SOL) $ 32.07 0.70%
shiba-inu
Shiba Inu (SHIB) $ 0.000011 1.01%
dogecoin
Dogecoin (DOGE) $ 0.060768 2.59%
staked-ether
Lido Staked Ether (STETH) $ 1,297.73 0.17%
matic-network
Polygon (MATIC) $ 0.740079 1.43%
tron
TRON (TRX) $ 0.060194 0.51%
dai
Dai (DAI) $ 1.00 0.08%
avalanche-2
Avalanche (AVAX) $ 17.50 0.10%
ethereum-classic
Ethereum Classic (ETC) $ 27.98 2.89%
leo-token
LEO Token (LEO) $ 4.12 13.33%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 18,949.85 1.38%
uniswap
Uniswap (UNI) $ 5.93 2.25%
litecoin
Litecoin (LTC) $ 52.79 1.07%
cosmos
Cosmos Hub (ATOM) $ 13.88 3.12%
okb
OKB (OKB) $ 14.91 0.02%
ftx-token
FTX (FTT) $ 23.34 0.43%
terra-luna
Terra Luna Classic (LUNC) $ 0.000257 8.31%
near
NEAR Protocol (NEAR) $ 3.74 3.45%
chainlink
Chainlink (LINK) $ 7.22 2.65%
crypto-com-chain
Cronos (CRO) $ 0.119428 11.17%
monero
Monero (XMR) $ 139.63 1.25%
stellar
Stellar (XLM) $ 0.122703 2.46%
bitcoin-cash
Bitcoin Cash (BCH) $ 115.63 0.70%
algorand
Algorand (ALGO) $ 0.373709 0.58%
flow
Flow (FLOW) $ 1.68 0.83%
vechain
VeChain (VET) $ 0.022896 0.87%
eos
EOS (EOS) $ 1.21 2.59%
internet-computer
Internet Computer (ICP) $ 6.04 0.40%
filecoin
Filecoin (FIL) $ 5.51 0.79%
chain-2
Chain (XCN) $ 0.075251 13.04%
frax
Frax (FRAX) $ 1.00 0.02%
hedera-hashgraph
Hedera (HBAR) $ 0.060895 1.79%
decentraland
Decentraland (MANA) $ 0.707563 0.55%
apecoin
ApeCoin (APE) $ 5.63 5.58%
the-sandbox
The Sandbox (SAND) $ 0.873008 0.72%
tezos
Tezos (XTZ) $ 1.46 2.14%
quant-network
Quant (QNT) $ 106.39 2.54%
axie-infinity
Axie Infinity (AXS) $ 12.75 3.86%
aave
Aave (AAVE) $ 75.03 1.42%
lido-dao
Lido DAO (LDO) $ 1.74 8.42%
elrond-erd-2
Elrond (EGLD) $ 47.65 0.25%
theta-token
Theta Network (THETA) $ 1.14 4.71%
true-usd
TrueUSD (TUSD) $ 1.00 0.27%
chiliz
Chiliz (CHZ) $ 0.269296 8.82%
bitcoin-sv
Bitcoin SV (BSV) $ 49.41 0.35%
compound-usd-coin
cUSDC (CUSDC) $ 0.022675 0.11%
paxos-standard
Pax Dollar (USDP) $ 1.00 0.14%
kucoin-shares
KuCoin (KCS) $ 8.91 0.32%
bittorrent
BitTorrent (BTT) $ 0.00000078625266 0.46%
ecash
eCash (XEC) $ 0.000039 1.58%
the-graph
The Graph (GRT) $ 0.100107 0.58%
iota
IOTA (MIOTA) $ 0.273081 2.81%
zcash
Zcash (ZEC) $ 55.88 1.60%
huobi-btc
Huobi BTC (HBTC) $ 18,993.34 1.09%
usdd
USDD (USDD) $ 1.00 0.22%
huobi-token
Huobi (HT) $ 4.51 0.68%
evmos
Evmos (EVMOS) $ 2.19 9.62%
havven
Synthetix Network (SNX) $ 2.41 0.39%
cdai
cDAI (CDAI) $ 0.022078 0.11%
maker
Maker (MKR) $ 651.59 2.13%
bitdao
BitDAO (BIT) $ 0.490006 0.03%
klay-token
Klaytn (KLAY) $ 0.206181 1.01%
neutrino
Neutrino USD (USDN) $ 0.963143 0.99%
fantom
Fantom (FTM) $ 0.229065 1.21%
compound-ether
cETH (CETH) $ 25.85 1.72%
neo
NEO (NEO) $ 8.40 0.05%
helium
Helium (HNT) $ 4.58 0.27%
gatechain-token
Gate (GT) $ 4.19 0.28%
defichain
DeFiChain (DFI) $ 0.813334 1.43%
radix
Radix (XRD) $ 0.060484 2.84%
celsius-degree-token
Celsius Network (CEL) $ 1.54 6.03%
pax-gold
PAX Gold (PAXG) $ 1,645.83 1.40%
pancakeswap-token
PancakeSwap (CAKE) $ 4.45 3.44%
thorchain
THORChain (RUNE) $ 1.60 1.88%
osmosis
Osmosis (OSMO) $ 1.21 1.46%
zilliqa
Zilliqa (ZIL) $ 0.032894 0.26%
enjincoin
Enjin Coin (ENJ) $ 0.475542 0.66%
nexo
NEXO (NEXO) $ 0.947634 3.33%
arweave
Arweave (AR) $ 9.95 1.16%