The number of Ethereum sharks and whales increases

As Ethereum continues to thrive and gain mainstream adoption, the number of sharks and whales in the market is on the rise. These elite players control a significant amount of Ethereum, making their actions influential in the market. With more money flowing into the cryptocurrency space than ever before, it’s no surprise that more individuals are joining the ranks of these experienced investors. As the Ethereum ecosystem grows, it’s vital to keep an eye on these powerful players and their impact on the market. Stay informed and up to date with the latest Ethereum news and market trends to make the most of your investments.

Title 1: Rising Number of Ethereum Sharks and Whales Despite Price Decrease

Ethereum has been making headlines recently after briefly touching the $2,104.54 mark on April 18, 2023. While this digital token has been a hit lately, another trend is emerging within the community- the rise in the number of Ethereum sharks and whales despite the decrease in prices.

According to reports, the number of wallets holding a minimum of 1,000 ETH, which are considered Ethereum sharks and whales, has gone up by 380 addresses. This growth in numbers occurred while prices were down by 38.4%. The drop in the price likely helped the newly onboarded addresses accumulate more ETH than usual. The same applies to existing sharks and whales.

In April 2023, the number of ETH sharks and whales with over a thousand tokens was 6,712. A year later, the figure reached 7,092, indicating a steady rise in numbers. Moreover, the number of addresses with at least 100 ETH has also increased. In 2022, it reached 48,255 as of December 26, 2022, against 42,644 as of January 1, 2022.

Edith Reads, an investment expert, has stated that the increase in the number of whales and sharks suggests the community’s growing confidence in ETH despite short-term volatility. Those who believe ETH has a promising future can now be assured of this outcome. However, volatility still remains a concern.

Title 2: The Pros and Cons of Having More Ethereum Sharks and Whales

The rise in the number of Ethereum sharks and whales comes with both positives and negatives for the crypto market.

On the positive side, a higher number of whales and sharks means that the community will have more liquidity to play with. Liquidity in the crypto market is critical as it provides stability. With more funds available to trade, the market has a better chance of sustaining its value.

However, on the negative side, a small group having more power to manipulate prices is a real concern. This power imbalance can lead to situations where they implement a “pump-and-dump” policy, where they first invest funds in a specific crypto and then dump them all together when the prices rise. This results in potential losses for other traders in the market.

It’s clear that the rise in the number of Ethereum sharks and whales has something good for the ETH community, but they also must remain cautious of the uncertainties associated with more concentration of funds in fewer wallets. The last observed Ethereum trading price was $1,910.3, and the Ethereum prediction sees the price going as high as $3,900 by the end of this year. Only time will tell how the market behaves and how the rise in the number of sharks and whales affect the market.

Leave a Comment

Google News