68 new whales join Ethereum network, as price surges above $350

Ethereum whales are going for a rebound as price pick up from its recent lows

About 68 new whales holding 1000 -10,000 ETH have joined the network in the past 3 days.

Ali Martinez, a crypto researcher spoke recently about the Ethereum whales’ increase via his Twitter feed stating that as Ether fell, there was a surge in the number of addresses with millions of dollars in Ethereum colloquially known as whales.

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‘@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. pic.twitter.com/HucYyMPQ2p

— Ali (@ali_charts) September 6, 2020

At the time this report was drafted, Ether traded at $352.28 with a daily trading volume of $23 billion. ETH price is up 5.0% in the last 24 hours. It has a circulating supply of 110 Million coins and a max supply of ∞ coin

What you should know; Nairametrics had in recent times, observed the high movement by these Ethereum whales as these large entities have purchased almost half of all the Ethereum mined so far in 2020

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This is clear evidence that major investors are now looking at the future potential of ETH as an investment despite the recent sell-offs recorded in the second most capitalized crypto market.

In addition, the recent boom in Defi tokens is as triggered unusually high volume of transactions on the Ethereum network, often leading to congestion and a surge in transaction fees charged by ETH miners

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Quick fact; Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control, or interference from a third party.

Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.