Key Points
- Ethereum whales have been accumulating ETH, with a whale acquiring 97,296 ETH worth $363.66 million in two days.
- Magic Eden, a popular NFT marketplace, has successfully launched on the Ethereum network.
Whale Accumulation of Ethereum
Over the past few weeks, Ethereum (ETH) has experienced positive price momentum.
Despite the price surge, bullish sentiment around Ethereum remains strong.
According to lookonchain data, a whale purchased 97,296 ETH, equivalent to an impressive $363.66 million, in just two days.
Furthermore, 11 wallets associated with PulseX and PulseChain collectively spent 363.66 million DAI to acquire the same amount of ETH.
The average price per ETH during this acquisition stood at $3,738.
Implications of Large-Scale Ethereum Purchases
These large-scale purchases could have both positive and negative impacts on Ethereum.
On one hand, they contribute to increased demand for Ethereum, which could potentially drive up its market value.
This influx of funds and interest from notable players could enhance Ethereum’s market perception, attracting more investors and reinforcing its position as a leading blockchain platform.
Increased demand often correlates with heightened liquidity, which could improve the efficiency and functionality of the Ethereum network.
On the other hand, the concentration of a significant amount of ETH in the hands of a few entities may raise concerns about centralization and market manipulation.
If these entities decide to sell or transfer their acquired ETH in large quantities, it could cause price volatility and market instability.
Magic Eden’s Launch on Ethereum Network
Ethereum’s optimism could be further boosted by the successful launch of Magic Eden on its network.
Magic Eden, one of the most popular NFT marketplaces on Solana, has processed creator royalties totaling $390,000 since its Ethereum debut, securing a 16.7% market share.
Approximately 5,000 royalty-paying transactions have been facilitated by Magic Eden, accounting for about 10% of the total settled transactions on the network.
Due to these developments, the gas usage on the Ethereum network has remained consistent.
At the time of writing, ETH was trading at $3,770.57, with its price having grown by 0.54% in the last 24 hours.
