During the 30% discount in early September, at least 68 Ethereum whales joined the network

According to trader Ali Martinez, extracting data from analytics site Santiment shows that the number of investors holding between 1,000 and 10,000 ETH – about $ 350,000 – $ 3.5 million – has increased by 68 Ethereum whales in just three days, as of August 31.

During the 30% discount in early September, at least 68 Ethereum whales joined the network

This is something worth mentioning because this time is the time when the market has substantial volatility. The drop comes while the token fell 30.2% from $ 367 on August 31 to a monthly low of $ 326 on September 5.

The growing DeFi market has spurred demand for ETH starting June, as well as rising gas costs – reaching a high of around 485 Gwei on September 1 – with the number of daily transactions increasing. However, the average gas charge is currently only Gwei 98 after the price drop, along with projects like SUSHI, fell 88% in just five days.

Whales sold ver 1 million ETH before the 35% price collapse

According to a recent report, Ethereum’s drop in price over the past few days, at one point losing nearly $ 200 in value, has been linked to the top 100 ETH exchange addresses dumping over 1 million tokens.

Instead of marking another high, ETH started to depreciate quite quickly. ETH first breaks below $ 400 before bottoming out around $ 310, losing around 35% in the process.

According to Santiment, Ethereum whales could be the cause of this devaluation. As the price of ETH was rising to its recent highs, the top 100 exchanges started processing their tokens.

In the end, the company concluded:

“Those decreased addresses their tokens held from 16.92 million to 15.89 million over the past week.”

at-least-68-ethereum-whales-joined-the-network

This means a significant drop of over 6%, which, according to Santiment, was almost certainly a sparkplug to the massive price dump.

You can see the ETH price here.

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS