ETH price drops 30%, but whale numbers increase

In early September, ETH prices fell 30%, but during this period at least 68 whales joined the Ethereum network, potentially increasing their holdings by millions.

According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows that the number of investors holding 1,000-10,000 ETH (roughly $350,000-3.5 million as of this writing) has increased by 68 in the three days since August 31. The token fell 30.2% from $367 on August 31 to a monthly low of $326 on September 5.
'@santimentfeed''s holder distribution chart shows that as #ETH fell, the number of addresses holding millions of dollars of #ETH (commonly known as whales) surged.
In the past 3 days, about 68 new whales holding $1,000 to $10,000 in ETH have joined the network. pic.twitter.com/HucYyMPQ2p — Ali Martinez (@satoshilatino) September 6, 2020 Since June, the continued development of the DeFi market has stimulated the demand for ETH, and the continuous increase in GAS fees has also stimulated the demand for ETH—reaching a high of about 485 Gwei on September 1, and the daily transaction volume has continued to increase. However, after the price drop, coupled with projects such as SUSHI plummeting 88% in just 5 days, the average GAS fee is now only 98 Gwei.
ETH remains the second-largest crypto asset by market cap at $39.7 billion, with Tether (USDT) following closely at $14.1 billion after making gains of more than $3 billion on September 1. At the time of writing, ETH is trading at $354, up 4% in the past 24 hours.

Source: Cointelegraph