During a Thirty Percent Price Drop, Over 68 Ether Whales Joined the Network

Suzat

September 7, 2020 12:33 pm

During a Thirty Percent Price Drop, Over 68 Ether Whales Joined the Network
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At the beginning of September, during a 30% price drop, at least 68 Ethereum whales behaved differently than the majority of holders potentially adding millions in holdings and joined the network.

According to Ali Martinez, a Crypto Twitter user, data from analytics site Santiment shows the number of investors holding between 1,000-10,000 Ether (ETH), roughly $350,000-3.5 million as of this writing, since August 31, increased by 68 in three days. The drop comes on September 5, while the token fell 30.2% from $367 on August 31, to a monthly low of $326.

In June starting the increasing DeFi market stoked demand for ETH, as did the rising gas costs reaching a high of approximately 485 Gwei on September 1, with a growing number of daily transactions. Though, the average gas fee is now just 98 Gwei following the price fall coupled with projects like SUSHI diving 88% in merely five days. 

By the market capitalization at $39.7 billion, Ether continues to be the second-largest crypto asset with Tether (USDT) trailing at $14.1 billion after gaining more than $3 billion on September 1. Ether is trading at $354, raised 4% in the last 24 hours.

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