The Ethereum network has witnessed the impact of a previously dormant whale adding to his position. After more than two years of dormancy and inactivity, an early participant in the Ethereum Initial Coin Offering has decided to stake a position in ETH worth more than $7 million US Dollars. The move is seen as a vote of confidence, as the Whale’s move to stake points to the optimistic outlook for the Ether network as well as the direction of the digital assets overall.
This particular whale received about 60,000 ETH from the Genesis Block at the launch of the Ethereum network. According to investigation and research by blockchain analysis service Lookonchain, the investor whale participated in the network’s ICO in the year 2015 when the project launched. The Ethereum ecosystem went live with 72 million coins at the initial crowd sale.
Just recently one of the popular liquid stacking vendors for Ethereum, Lido Finance, had about 452,710 ETH withdrawal requests and this created an increase in the pressure to sell the altcoin. The Celsius (a crypto lending platform) claimed up to 94% of the withdrawal buffer, according to data by Dune Analytics. Consistent with the Shapella Upgrade on Ethereum, Lido has recently enabled withdrawals on the Ethereum network.
It was predicted that the withdrawal requests due to the unstaking at the Shapella Upgrade would influence the price of Ether, by creating increased sell pressure on Ethereum. However, according to Fxstreet, the Ethereum chart is showing signs of recovery and even a chance to break resistance and invalidate the previous bearish thesis.
ETH is the native token of the Ethereum Network, the second largest blockchain network by market capitalization, second to Bitcoin, and operates on a proof of stake consensus mechanism. The underlying technology surrounding the network includes a smart contract protocol that enables the terms of agreement of parties to be carried out within or outside of the blockchain in an automated manner based on the terms agreed upon. The entire network and its community allow users to make transactions, use and hold nonfungible tokens- a unique set of digital assets, and also earn interest on the currency by staking, holding, or trading.
Regardless of the spike in the ETH gas fees which is due to high demand or congestion, the entire system is still optimistic. It is important to keep in mind that gas fees fluctuate so tracking gas fee prices is vital before making transactions on the Ethereum network.
Written By Anthonymark
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