Ether whales increase during 30% price dip

07 Sep 2020

At the beginning of the month during a 30% price drop, a minimum 68 Ethereum whales joined the network, possibly adding millions in holdings.

According to a tweet from Crypto Twitter user Ali Martinez, data from Santiment – a data analytics site – reveals the number of investors with between 1,000 and 10,000 Ether – approximately $350,000-3.5 million – rose by 68 during the first three days of September.

The token declined 30.2% from $367 at the end of August to a monthly low of $326 on 5 September, reports Cointelegraph.

Martinez said on Twitter: “@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.”

Beginning in June, the burgeoning DeFi (decentralised finance) market drove demand for Ethereum, along with escalating gas costs – topping a high of around 485 Gwei (a denomination of Ether) on 1 September, with more daily transactions registered.

Nevertheless, the average gas fee now stands at 98 Gwei after the price decline, along with DeFi project SUSHI falling 88% in 5 days.

Ether remains the second largest cryptocurrency by market capitalisation, after Bitcoin, at $39.7 billion, with Tether following at $14.1 billion after gains of more than $3 billion on the first day of the month.

Tether overtook XRP as the third-largest cryptocurrency back in May this year. In addition, according to data from Coin360, Tether is larger than major payment firm PayPal in regard to average daily transfer volume.

Ether is currently trading at $354 at the time of writing, following a 4% rise over the past day.