Technological upgrades can significantly impact cryptocurrency prices, as seen in several examples. Ethereum’s Merge in 2022, transitioning to proof-of-stake, reduced energy use and initially boosted ETH prices by enhancing scalability and sustainability. The Shapella upgrade in 2023 enabled staked ETH withdrawals, increasing investor confidence and driving a price surge. Similarly, Bitcoin’s Taproot upgrade in 2021 improved privacy and smart contract capabilities, leading to a temporary price increase due to heightened utility. However, effects vary—Ethereum’s Dencun upgrade in 2024 slashed gas fees by 95%, yet price gains were modest amid broader market trends. These cases show upgrades can raise prices by improving efficiency, security, or adoption, though market sentiment and external factors often temper the impact.