Number of Ethereum whales rises as Ethereum price falls

According to data from the analytics service Santiment, over the past three days 68 new Ethereum investors holding 1,000 to 10,000 ETH have emerged. The influx of large players occurred as Ethereum’s price fell by 12%, from $367 to $326.

‘@santimentfeed‘s holder distribution chart shows that as #Ethereum was falling, there was a spike in the number of addresses with millions of dollars in #ETH, colloquially known as whales.

Roughly 68 new whales holding 1K to 10K $ETH have joined the network in the past 3 days. pic.twitter.com/HucYyMPQ2p

— Ali Martinez (@satoshilatino) September 6, 2020

Over the course of several months, the growing DeFi market boosted demand for ETH, as did rising gas prices. On September 1, the gas price reached 485 gwei amid an increase in daily transactions.

As of writing, ETH Gas Station’s recommended gas price for a standard-speed transaction is 122 gwei. Such a marked change in the metric is likely due to the drop in Ethereum’s price and waning hype around the DeFi project SushiSwap. The latter’s tokens recently fell by more than 50%.

Earlier this week, Ethereum developers discussed possibilities for addressing high fees.

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