- Ethereum whales have continued to accumulate ETH.
- Magic Eden achieved success on Ethereum.
Ethereum [ETH] The price has experienced a strong upward trend in the last couple of weeks. The bullish sentiment towards Ethereum has not diminished despite the price surge.
Whales show continued interest
According to data from Lookonchain, a whale purchased 97,296 Ethereum, a total of $363.66 millions in only two days.
The combined efforts by 11 wallets linked to PulseX/PulseChain required a large expenditure of 363,66 millions DAI in order to obtain the same quantity of ETH. At $3,738 on average, each ETH cost.
The impact of this can be both positive and adverse.
Positively, large-scale Ethereum purchases can potentially increase the market value of Ethereum.
This influx of money and the increased interest by notable players can enhance ETH’s market perception. It will attract more investors and reinforce its position as a top blockchain platform.
A rise in demand is often correlated with an increase in liquidity. This could improve the functionality and efficiency of the Ethereum Network.
There are also negative effects that could occur. It is possible that the concentration of a substantial amount of ETH, in the hands a few entities and, more specifically, if those entities are connected to specific projects, such as PulseX, and PulseChain could raise concerns regarding centralization.
The market could be volatile and price fluctuations may occur if these entities decide to sell or transfer large amounts of ETH.
Growth Potential
Magic Eden’s launch on the Ethereum network can help to increase optimism. Magic Eden is one of the top NFT markets on Solana.
Magic Eden’s Ethereum debut was a week ago. In that time, it has successfully processed creator royalty payments totaling $390,000. It now holds a market share of 16.7%.
Read more Ethereum’s [ETH] Price Prediction 2024-25
Magic Eden, which facilitates approximately 5,000 transactions that pay royalties, has quickly established itself as an important contributor. It accounts for about 10% of all transactions settled on the network.
Gas usage on the Ethereum Network remained constant due to these factors. At the time this article was published, ETH traded at $3,770.57. Its price has increased by 0.54% within the last 24 hour.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com