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Ethereum Whales Control 57%: What Does This Mean for Price?
The recent revelation by Santiment, a leading analytical platform, has sparked concerns about the centralization of the Ethereum network. The data reveals that whales control an astonishing 57% of the total supply, with over 104 wallets holding at least 100,000 ETH. This staggering figure is worth around $333.01 billion.
While this development raises concerns about market manipulation and concentration of power among investors, it also presents an opportunity for Ethereum’s price to increase in the long term. Whale accumulation has always been a positive indicator of future growth. As seen in various instances, when whales raise their stakes, they are typically signaling that they expect the asset to appreciate in value.
The latest data from Santiment suggests that 104 wallets hold at least 100,000 ETH, which accounts for 57.35% of the total supply and is valued at approximately $333.01 billion.
This phenomenon has not affected Ethereum’s price negatively, as it currently trades above $4,000. Whale accumulation could be the primary driver behind this movement. With less supply available on the market, the probability of a price increase rises.
However, if these large investors decide to sell their holdings en masse, the market may experience significant fluctuations in price. For sustained growth to occur, it is crucial that there is more balanced distribution of the Ethereum supply among different groups of investors.
Ethereum’s strong market presence has allowed it to continue its upward trajectory despite concerns about centralization. As long as it remains above $4,000, the cryptocurrency will likely maintain its bullish outlook.
As of press time, Ethereum is trading at $4,007, showcasing a 2.54% increase over the past day.
It appears that investors are increasingly optimistic about Ethereum’s future prospects, which has led to this positive trend.
Source: cryptotale.org
