- An Ethereum whale recently sold 3,000 ETH worth $7.64 million, contributing to a 2.15% price decline.
- Despite these sales, the whale still holds 37,070 ETH, valued at $93.8 million, potentially affecting future market trends.
- Ethereum developers continue to reduce gas fees while preparing for major network upgrades, despite ongoing whale sell-offs.
Ethereum whales continue to influence the broader crypto market, adding to sell-off pressures despite a volatile market. Recently, an early Ethereum ICO participant triggered a new round of sales. According to crypto analytics platform Lookonchain, this whale transferred 3,000 ETH, worth around $7.64 million, just hours ago. This marks another significant sale by the whale, contributing to current market dynamics.
Previous Sales and Market Impact
The whale’s previous large-scale ETH sale took place on July 1, involving 7,000 ETH valued at approximately $24.28 million. This sale caused a notable decline in Ethereum’s price, dropping 15% at the time. Similarly, this latest sale has had an immediate effect on Ethereum’s price, pushing it down by 2.15% to $2,527.44.
This particular Ethereum ICO whale still holds a significant portion of ETH. After the recent transaction, the whale retains 37,070 ETH, with a current value of $93.8 million. The total ETH received during the initial ICO amounted to 254,908 ETH, which was worth just $79,000 at the time. However, with Ethereum’s growth, the stash is now valued at over $646 million. These ongoing sales continue to put pressure on Ethereum, further affecting its market position.
Broader Ethereum Pressure and Development
Ethereum remains under intense pressure, with the market responding to large whale sell-offs like these. Over the past 24 hours, Ethereum has led the broader crypto market liquidation, even surpassing Bitcoin. However, despite these challenges, Ethereum continues to progress with its network enhancements.
Ethereum Upgrades and Gas Fee Reduction
Despite market sell-offs, Ethereum developers are actively implementing upgrades to improve the platform’s efficiency. One of the notable developments has been a consistent reduction in gas fees, which has dropped up to four times recently. Ethereum’s core team, led by Vitalik Buterin, continues to work on major upgrades such as “The Scourge” and “The Verge,” aimed at maintaining the platform’s competitiveness.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
