Ethereum Whale Accumulation Hits Highest Rate in Two Years
The crypto token representing the major smart contract platform Ethereum (ETH) is being consumed by whales at a pace not seen before 2020, according to a renowned market intelligence organization. As per crypto analytics firm Santiment, wealthy Ethereum speculators are acquiring ETH at a rapid pace.
According to Santiment, the previous accumulation incident of this kind, which occurred in 2020, spurred a tremendous surge that witnessed ETH increase by 50% in less than a month.
“Ethereum’s dynamic shark and whale addresses continue to accumulate despite prices that are less than one-fourth of their historical high peak levels from a year ago. In Oct/Nov 2020, these 100 to 100,000,000 ETH wallet addresses contributed to ETH’s +50% rally during a five-week period.”
A few days back, Santiment observed that ETH whales gobbled an astonishing $1.03 billion worth of Ethereum in one day, the fifth-biggest single-day buy by the biggest group of whales over the previous year. With respect to stablecoin use, the analytics company also adds that layer-2 scaling platform provider Arbitrum is beginning to rival with the second biggest cryptocurrency by market size.
Even if the use of stablecoins on Ethereum outweighs that of Arbitrum, as per Santiment, the utilization of dollar-pegged digital assets on Arbitrum has lately doubled, but their utilization on ETH has only increased.
While writing this article, the price of Ethereum is $1,197, a 2% gain in the previous twenty-four hours.