- Ethereum whales continued to accumulate ETH.
- Magic Eden witnessed success on the Ethereum network.
Ethereum [ETH] price has been seeing positive price momentum over the last few weeks. Despite the surge in price, bullish sentiment around Ethereum did not wane.
Whales continue to show interest
Based on data from lookonchain, an astonishing development unfolded as a whale acquired 97,296 ETH, totaling an impressive $363.66 million in just a span of two days.
Furthermore, the combined efforts of 11 wallets associated with PulseX and PulseChain involved a substantial expenditure of 363.66 million DAI to procure the same quantity of ETH, with an average price per ETH standing at $3,738.
Source: X
This can have both positive and negative impacts on ETH.
On the positive side, such large-scale purchases contribute to increased demand for Ethereum, potentially driving up its market value.
This influx of funds and heightened interest from notable players may enhance ETH’s overall market perception, attracting more investors and reinforcing its position as a leading blockchain platform.
Additionally, increased demand often correlates with heightened liquidity, potentially improving the efficiency and functionality of the Ethereum network.
Conversely, there are potential negative consequences as well. The concentration of a significant amount of ETH in the hands of a few entities, particularly if they are associated with specific projects like PulseX and PulseChain, may raise concerns about centralization and market manipulation.
If these entities choose to sell or transfer their acquired ETH in large quantities, it could induce price volatility and market instability.
Potential for growth
Optimism around Ethereum can be further improved due to the launch of Magic Eden on the Ethereum network. Magic Eden was one of the most popular NFT marketplace on Solana.
In the week since its Ethereum debut, Magic Eden has successfully processed creator royalties totaling $390,000, securing a 16.7% market share.
Read Ethereum’s [ETH] Price Prediction 2024-25
Facilitating approximately 5,000 royalty-paying transactions, Magic Eden has swiftly positioned itself as a significant contributor, accounting for roughly 10% of the total settled transactions on the network.
Source: X
Due to these factors, the gas usage on the Ethereum network remained consistent. At press time, ETH was trading at $3,770.57 and its price had grown by 0.54% in the last 24 hours.
Source: Santiment
