On Monday (24), whales apparently took advantage of the drop in the price of Ethereum (ETH) to accumulate more of the altcoin. In all, about 667,860 ETH were withdrawn from exchanges, according to data from IntoTheBlock.
The movement indicates accumulation without the intention of selling in the short term. That is, investors are holding hold awaiting an appreciation of altcoin.
In parallel to this, another factor may have stimulated the action. Yesterday, the network’s Gas rate dropped considerably, reaching 68.47 Gwei – about $ 3.60.
Whales serve billionaires
This weekend was hard for Ethereum, after a drop that took its price to the area of R $ 9.3 thousand. However, a recovery was seen earlier in the week.
On Monday, ETH appreciated more than 27%, showing an intraday maximum of R $ 14,336.60. Considering the fall of altcoin from its historic high, it seems that whales took the opportunity to buy more.
“This is the biggest withdrawal (from exchanges) since January 22, 2021”, revealed IntoTheBlock.
In addition, the report suggests that investors may have taken advantage of recent market corrections to accumulate in the plunge.
At the time of writing, Ethereum is trading at R $ 12,995.73, showing an increase of 2.63% in the last 24 hours.
Gas fee amount
After reaching 298.78 Gwei on May 19, the Gas rate of the Ethereum network dropped significantly. Yesterday, the cost of transactions was 68.47 Gwei, about $ 3.60.
Although it was not clear, it is possible that investors took advantage of the attractive value to trade the billion dollar amount in ETH.
The price of the Gas fee is a topic widely discussed by the cryptocurrency community. Until Ethereum 2.0 is released, scalability solutions are developed to help network congestion.
The new version of the protocol intends to migrate from the proof of work (PoW) algorithm to the proof of participation (PoS).
In this way, the network’s fee system will undergo a fundamental change.
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