Within a recent 30% price drop at the starting of this month, at least 68 Ethereum whales joined the network, potentially adding millions in holdings.
In line with a recent official tweet by Crypto Twitter user Ali Martinez, data from analytics website Santiment revealed that several investors holding somewhere in-between 1k to 10k Ethereum [ETH] – roughly $350k – 3.5 Mln as of this writing – increased by 68 within the three days since 31 st Aug. The drop comes while the token fell 30.2% from $367 USD on 31st Aug. to a monthly low of $326 USD earlier on 5th Sept.
The expanding DeFi market fueled demand for Ethereum starting earlier in the month of June, as did the rising gas costs – touching a high of roughly 485 Gwei on 1st Sept. – with an increasing number of daily transactions. However, the typical gas fee is now just 98 Gwei following the price drop including projects like SUSHI plunging 88% within 5 days.
Ethereum continues to be the 2nd-largest cryptocurrency by market capitalization at $39.7 Bln, with Tether [USDT) trailing at $14.1 Bln after gaining over $3 Bln on 1st Sept. However at the reporting time, Ethereum is presently trading at a price around $345 USD, having risen 2.24% within the past 24 hours.