- Ethereum whales continued to accumulate ETH.
- Magic Eden has witnessed success on the Ethereum network.
Ethereum (ETH) price has been showing positive price momentum over the past few weeks. Despite the price surge, the optimistic sentiment surrounding Ethereum has not diminished.
The whale continues to show interest
According to data from Lookonchain, the whale has achieved a remarkable development by acquiring 97,296 ETH in just two days, totaling $363.66 million.
Additionally, the combined efforts of the 11 wallets associated with PulseX and PulseChain included a significant expenditure of 363.66 million DAI to raise the same amount of ETH, at an average price of $3,738 per ETH.
Source: X
This could have both positive and negative impacts on ETH.
On the positive side, these large purchases could contribute to increased demand for Ethereum, potentially boosting its market value.
This influx of funds and increased interest from high-profile players could improve ETH’s overall market perception, attracting more investors and strengthening its position as a leading blockchain platform.
Additionally, increased demand is often associated with increased liquidity, potentially improving the efficiency and functionality of the Ethereum network.
Conversely, there are also potential negative consequences. The concentration of significant amounts of ETH in a few entities, especially when it comes to specific projects such as PulseX and PulseChain, may raise concerns about centralization and market manipulation.
If these companies decide to sell or transfer large quantities of the ETH they have acquired, price volatility and market instability may occur.
growth potential
The launch of Magic Eden on the Ethereum network may further boost optimism for Ethereum. Magic Eden has been one of the most popular NFT marketplaces on Solana.
Within a week of launching on Ethereum, Magic Eden successfully processed creator royalties totaling $390,000, securing 16.7% market share.
Read Ethereum (ETH) price prediction for 2024-25
Facilitating approximately 5,000 royalty payment transactions, Magic Eden has quickly established itself as a significant contributor, accounting for approximately 10% of all payment transactions on the network.
Source: X
These factors have kept gas usage on the Ethereum network consistent. At press time, ETH was trading at $3,770.57, with the price up 0.54% over the past 24 hours.
Source: Santiment