Ethereum Whales Are Hoarding ETH Amid Crypto Dip, According To Analytics Firm Santiment

A leading blockchain analytics firm reveals that Ethereum (ETH) whales are taking over the leading smart contract platform amid a sustained decline in ETH’s value.

According to Santiment, addresses with a balance between 100 and 100,000 ETH have been accumulating since June 7 despite the significant devaluation of Ethereum over the last month.

“Ethereum shark and whale addresses (holding between 100 and 100,000 ETH) have collectively added 1.1% more coin supply to their exchanges in this -39% drop. Historical evidence points to this level group having alpha in future price movement.”

Image
Font: Sentiment/Twitter

The current supply of ETH is 119,516,810, according to blockchain explorer Etherscan.

Santiment also says that it is keeping an eye on XRP after witnessing an exponential jump in the number of unique users interacting with its network.

“XRP is holding up better than most altcoins on a crypto slip day on Thursday. A couple of days ago, the XRP network exploded with unique addresses interacting on the network exceeding 200,000 for the first time since February 2020. This is worth watching.”

Image
Font: Sentiment/Twitter

The blockchain analytics firm adds that the two largest memecoins by market capitalization, Dogecoin (DOGE) and Shiba Inu (SHIB), have also seen a significant increase in network activity in the last ten days.

“Whatever your opinion on Dogecoin and Shiba Inu, it seems that they each show notable increases in network activity. Especially in the last 10 days, DOGE (+32%) and SHIB (+35%) have seen a lot of returning network interactions.”

Image
Font: Sentiment/Twitter

Check price action

Never miss a thing – sign up for crypto email alerts straight to your inbox

Follow us TwitterFacebook and Telegram

Surf The Daily Hodl Mix

&nbsp

See the latest news headlines

&nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured Image: Shutterstock/Animedigitalart

Leave a Comment