Market Drops, Whale ETH Rises

Whale Ethereum is rising amid a bear market.(photo: doc. Unsplash)

JAKARTA – In the midst of the decline in the crypto market that took place in 2022, it actually provided a good opportunity for Ethereum Whales (ETH owners between 1,000 to 100,000). Therefore, even though the market is declining, the crypto wallets of the ETH whales are increasing even more.

Data from crypto analytics firm Santiment reveals that ETH whales have risen higher than ever in the past week. The increase occurred after the number of ETH whales reached their lowest point in May.

As of last Sunday, there were 131 new wallet addresses that appeared for a brief total of over 6,666. In addition to the whales, small number of ETH investors also experienced a significant increase. ETH holders who own 100 or more, on the other hand have significantly increased in the last 15 months to a total of 45,000.

The increase of small and large investors towards Ethereum cannot be separated from the number two crypto plan which is scheduled to enter the most important phase of Ether, namely The Merge. This phase marks the transition of the Ethereum model from Proof of Work (PoW) to Proof of Stake (PoS).

Even so, the transition was not rushed by Ethereum developers. However, they are more careful in implementing the plan in accordance with the conditions they face so that the previous The Merge plan has been delayed.

With Ethereum switching from PoW which is claimed to be energy-intensive to PoS which is called more environmentally friendly, the cryptocurrency founded by Vitalik Buterin has rich capabilities. This is also the reason why many developers use the Ethereum network for various projects.

On the other hand, the Ethereum network also has its own drawbacks, namely the high transaction fees of the network. Therefore, by switching from ETH to ETH 2.0, it is hoped that it will reduce the high transaction fees on the Ethereum blockchain.

At the time of writing, the number two cryptocurrency by market cap is trading at IDR 22,273,882. ETH prices have increased by 8.3% in the last 24 hours, based on data from Coingecko, 19 July 2022.