ETHPoW Down 40% – Buy Now or Stay Away?

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The long-awaited Ethereum merger does not seem to have affected the price of Ethereum during the transition; However, the hard fork of the Ethereum blockchain, EthereumPOW, has experienced some ups and downs in price movements since then.

During the transition, Ethereum PoW (ETHPoW), a hard fork of Ethereum backed by a collection of Ethereum miners, increased in value. Then, a few hours later, it fell to record lows.

ETHPoW price analysis in terms of integration

ETHPoW remains on the proof-of-work (PoW) mechanism, while Ethereum sees a transition to proof-of-stake. EthereumPoW describes itself as “Ethereum, the main proof of work developed and managed by the community.

Live price data from some crypto exchanges showed that ETHPoW had risen to $30 at 21:30 UST on Wednesday. As soon as the Ethereum merger was officially announced, the price gradually decreased. Around 4:30 on Thursday, ETPoW went into a significant dump, dropping from $40 to $25 in the next hour.

At the time of writing, the price of ETHPoW is $6.03, with a 24-hour trading volume of $117,475,106. It has decreased by 13.28% in the last 24 hours. By direct market capitalization, CoinMarketCap currently holds ETHPoW at the level of 2658. Both the maximum supply and circulating supply of this token are not available.

The value of ETHPoW is not currently based on actual cryptocurrency trading. Instead, the fledgling currency is derived from trading on a few unique platforms in the IOU style.

BlockSec Detects ETHPoW Token Replay Exploit

Recently, a replay exploit was discovered in EthereumPOW, a variant of the Ethereum blockchain that relies on the PoW consensus mechanism. After being properly informed about the concerns, the developers of EthereumPOW took urgent steps to fix things.

Interestingly, the replay exploit refers to the situation where the same transaction takes place on both chains. This allows users to trick smart contracts into issuing tokens from one chain while the entire operation takes place on another chain. For example, if someone trades in Ethereum PoW, the same activity is done on Ethereum.

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This entire replay exploit incident occurred on the Gnosis Networks Omni Bridge. On Saturday, around 200 wETH was transferred on the bridge, and similar activity on the PoW network. As a result, the hacker received 200 ETHPoW, which was equivalent to the price of $1,600 at the time.

The whole situation was caused by misleading information obtained from the contract chain ID on the Ethereum PoW platform, according to a post by security firm BlockSec. It’s been a few days since the PoW fork went live, and the initial exploit may have an impact on how well it’s accepted.

Furthermore, after the exploit was discovered, the value of the token dropped further. According to CoinMarketCap, the news sent the ETPoW token price down nearly 40%, reaching a new peak of $4.22 early Monday.

Buy ETHPoW now or wait a while?

Eric Wall, Chief Investment Officer of Arcane Assets, said that ETHPoW miners are unable to support the network at the current value of ETHPoW. However, popular cryptocurrency exchanges such as FTX and Huobi have listed ETHPoW. In addition, BitTrue has launched an ETPoW-based liquidity measurement model that yields 6% of deposits annually.

Although ETHPoW has not been able to live up to the expectations of its investors recently, it is still too early to pass any judgment on this strong version of the Ethereum fork. Investors can wait for a while, see how the token will perform in the coming weeks, and make an investment decision by analyzing the performance of the token.

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