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Whale investors in Ethereum (ETH) have continued to accumulate the second-largest cryptocurrency in terms of market capitalization. According to Santiment data, Ethereum whale addresses that hold at least one million ETH have added 3.5 million coins since September 11.
Since the Merge, the billionaire whales’ ETH holdings have grown by 14% thanks to the addition. Additionally, it raises the total value of the 132 or so wallets in this group to an all-time high of 28.55 million ETH or roughly $36 billion at the time of writing.
According to previous Santiment data, on the other hand, ETH sharks and whales—the group of investors below billionaire whales who hold between 100 and 1 million ETH tokens—have been selling off their holdings.
Specifically, the redistribution trend began shortly after the Ethereum blockchain switched to a proof-of-stake consensus mechanism, according to previous reports. Despite the Merge’s telling whale activity and new blockchain dynamics, the price of ETH has continued to trade largely in the red.
According to data from CoinMarketCap, ETH has lost approximately 6.21 percent in the past month. At the time of writing, the token is trading at around $1,270, down 1.9% on the day.
Analysts, however, have noted that when the whales that are currently redistributing return to active accumulation, the price of ETH will rise. In a similar vein, they have stated that the network’s performance in fee generation, which is at a one-month high, continues to show positive signs.
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Ethereum has remained the second-largest cryptocurrency by market capitalization ever since its inception. Ethereum, like every other blockchain network, is not perfect. Notably, the legacy blockchain has low throughput of 15 to 30 transactions per second and high gas fees.
Despite the fact that upgrades are already being planned to address these issues, many rivals have taken advantage of the delay to offer crypto users faster and cheaper transactions.
As alternative blockchains like Cardano began to enter the crypto scene, the term “Ethereum Killer” became popular around 2016 and 2017.
The most money ever raised by an ICO was $4.1 billion in 2018 when EOS made its debut as the next “Ethereum killer.”Tezos, Solana, Fantom, Avalanche, and Binance Smart Chain are just a few of the others that have emerged as potential Ethereum competitors since then.
To address Ethereum’s PoW-induced limitations, each of these blockchains uses a distinct consensus model. Solana, for instance, makes use of proof-of-history (PoH), whereas Binance Smart Chain makes use of both delegated proof-of-stake (DPoS) and proof-of-authority (PoA).
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