ETH rose above USD 1,880, a two-month high price occurring along with a considerable influx of around USD 100,000 in transactions. The behavior of the Ethereum whales may have triggered the recent record presale of GNOX tokens, making the team behind them happy.
Despite the ongoing bearish trend in the crypto market, many leading cryptocurrencies have posted double-digit percentage gains. After recently reaching a high of USD 2,012, the price of Ether (ETH) rose by 16% to reach USD 1,986.
The long-awaited upcoming Merger to switch Ethereum into a proof-of-stake (PoS) blockchain has caused a frenzy about ETH. Over the last week, the application of the third and final Goerli testnet for the network was a success.
Crypto analytics firm Santiment scrutinizes the smart-contract platform Ethereum before it moves from a proof-of-work (PoW) consensus to a PoS mechanism. They highlighted that the Ether token might move ahead of the switch to ETH 2.0 thanks to the conversation on Twitter.
The Ethereum Whales Seem to Be Hoarding Coins before the Merger
After examining Ether and altcoins, Santiment noted that traders are not putting themselves at risk of a collapse despite a recent rally.
Although the focus is on the 80% increase by Ether, altcoins have done well over the last month. After looking closely at the charts, Santiment indicates that ETH is still moving in a bullish direction.
Following a recent IPC report, the price of Ether rose above USD 1,880. This two-month high price occurred along with a considerable influx of around USD 100,000 worth of ETH transactions. While that has happened, some whale addressed seem to have hoarded coins.
According to Santiment, the Ethereum network reached a yearly milestone averaging over 546,000 daily active addresses in the previous month. At the same time, the price of ETH exceeded USD 1,800 for the first time in two months.
The value of Ether recently broke above USD 1,800 for the first time in 60 days. The rally will continue along with the number of unique addresses if BTC remains stable and trader FOMO declines.
According to Ethereum developers, the long-awaited Merger event will occur on September 15th or 16th.
The Ethereum Whales May have Triggered Record GNOX Presale
The recent record presale of GNOX tokens may have been a consequence of the behavior of the Ethereum whales. The team behind the Gnox project had set an upper limit for the sales but raised it due to overwhelming demand. However, despite that increase, they sold all the coins within a few hours.
Many speculate that the Ethereum whales were behind the request. Although the Gnox team has not said anything about it, they must be happy with the result of the sale.
Meanwhile, Ether is trading at around USD 2,010 and has accumulated an 18.7% gain over the last week. While its daily trading volume is above USD 11.45 billion, its market capitalization is about USD 241.26 billion, according to CoinGecko.
By Alexander Salazar
