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The fact that whales continue to gather more ETH underscores their belief in the value and future prospects of the cryptocurrency.
the presence of these large holders suggests potential market confidence and long-term investment strategies within the Ethereum ecosystem.
This rise indicates a growing trend of accumulation among addresses holding over 0.1% of the total Ethereum supply.
Garlinghouse believes a favorable verdict will go a long way in fostering regulation and transparency in the crypto industry.
Garlinghouse expects an expedited timeline for the resolution following the recent decision regarding the Hinman documents.
One can likely blame the Ethereum network’s $8.80 average transaction fee for investors’ diminished appetite, but the macroeconomic environment has also played an important role. On May 22, JPMorgan Chase (NYSE:JPM) CEO Jamie Dimon said it is impossible to predict the outcome of the Federal Reserve’s monetary policy, designed to curb inflation.
#Ethereum
#Ethereum
Ether’s price has been stuck below $1,920 for the past 16 days, which is especially concerning since the latest breakout attempt on May 6 lasted less than 24 hours. Excluding this brief price pump, Ether’s (ETH) journey below $1,920 was initiated on April 21, over 30 days ago.
the expanding ecosystem of Cardano, characterized by a flurry of new releases and project launches, could be contributing to this surge. The development of new decentralized applications (dApps), non-fungible token (NFT) platforms, and decentralized finance (DeFi) projects on Cardano’s blockchain presents an enticing opportunity for large investors. They may be accumulating ADA in anticipation of utilizing or supporting these new projects, which could explain the sudden increase in high-volume transactions.
Another aspect to consider is that Cardano has recently emerged as a platform for meme coins. The launch of the first meme coin on the Cardano network, Hosky, sparked a rally within the meme coin community on Cardano. Given the volatile nature of meme coins, they often witness bursts of high-volume transactions, which could be contributing to the spike. Whale investors might be taking advantage of this trend by purchasing substantial amounts of ADA to invest in these new tokens.
One of the main factors driving this surge could be the fundamental growth of the Cardano network itself. Over the past few months, Cardano has made substantial progress in improving its platform, creating an environment that facilitates the acceleration of large-scale transactions. Upgrades such as the Alonzo hard fork, which introduced smart contract capabilities to the network, might have encouraged the adoption of Cardano among large-scale investors, thereby influencing the spike in transactions.
This sudden increase of 100 billion ADA has piqued curiosity regarding the reasons behind this sudden surge in activity by large investors.
Recently, there has been a noticeable rise in significant transactions occurring on the Cardano network. The volume of these transactions has surged from around 70 billion ADA to an impressive 180 billion ADA.
What’s particularly noteworthy is the sustained growth in user adoption, even after the conclusion of the promised token incentives. Messari revealed that user adoption increased over two-fold, even after the promised token incentive ended.
The report noted that the blockchain scaling solution had gained significant traction and captured the crypto community’s attention despite the potential for farming activity. It added that Arbitrum’s integration with GMX_IO, a leading platform for perpetual contracts, has played a crucial role in its mass adoption.