Cryptocurrencies
Ethereum Offshoot Token Tumbles After Forking From Blockchain
- Ether holders received the token in an ‘airdrop’ after upgrade
- Price has dropped as much as 60% since trading began
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The additional cryptocurrency token that investors received after the Ethereum blockchain transitioned to a new method of handling transactions has tumbled as much as 60% since it began trading late Thursday.
EthereumPOW, as the offshoot is known, represents the legacy computing operations of the blockchain that chose not to participate in the software upgrade dubbed the Merge. Ethereum moved from a so-called proof-of-work system to a more energy efficient proof-of-stake method for securing the network.