Ethereum Whales Grow whilst Price Falls 30%

September 8, 2020 4:25 PM UTC

Ethereum whales surge significantly after the ETH price drops 30% at the starting of September 2020. The number of investors holding almost 1,000 to 10,000 ETH, worth approximately $350,000-3.5 million at the time of reporting, jumped by 68 since August 31. 

Ali Martinez, a crypto Twitter user, post data from analytics site Santiment:

“@santimentfeed‘s holder distribution chart shows that as #Ethereum was falling, there was a spike in the number of addresses with millions of dollars in #ETH, colloquially known as whales. Roughly 68 new whales holding 1K to 10K $ETH have joined the network in the past 3 days.”

Ethereum Transactions Cost Surged Amid DeFi Boom

Ethereum has fabricated massive growth and still claims the title of the second-largest cryptocurrency with a market capitalization of more than $39.7 Billion. After a 4% rise in the last 24 hours, Ethereum is trading at $354.

Ethereum growing price elevation highlights an impression of the expanded reception of the network in the field of blockchain development. More importantly, experts believe that the Ethereum has been surging with the development of the defi protocols.

DeFi’s growing trend is also fueling the transactional gas to reach an all-time high. On September 1, Ethereum gas fees reached a high of 485 Gwei. However, Ethereum average transactional gas fee falls to 98 Gwei, following the price decline linked with projects like SUSHI.

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