In line with a general recovery in the cryptocurrency market, the price of Ethereum has increased to intraday highs of $1,282. At the time of writing, the price of ETH was $1,266; it had increased by 4.32% over the previous day and 8% over the previous week.
Shark and whale addresses, or those owning 100 to 100,000 ETH, are likely the demographic responsible for the current ETH price rise, according to data from on-chain analytics company Santiment.
Santiment plotted the critical intervals during which these cohorts accumulated and discharged. According to the information provided, the most recent period of accumulation by this group of holders corresponds with the most recent rise in the price of ETH.
🐳🦈 #Ethereum's large key addresses have been growing in number since the #FTX debacle in early November. Pictured are the key moments where shark & whale addresses have accumulated & dumped. The number of 100 to 100k $ETH addresses is at a 20-month high. https://t.co/beawFcBRvi pic.twitter.com/dR8zEqurZQ
— Santiment (@santimentfeed) November 30, 2022
Santiment said that Ethereum’s active shark and whale addresses continued to amass at a discount during the past week. According to the on-chain analytics company, these important major addresses have been adding ETH to their wallets at a quick rate.
It made note of the effect this group of addresses’ accumulation had on the price of ETH, noting that between October and November 2020, these ETH addresses contributed to the price of ETH rising by 50% in just five weeks.
It specifically mentions that 947,940 ETH, the fifth-largest single-day rise in the previous year, was added by Ethereum “big whales,” or those possessing $10.9 million to $1.09 billion.
The rise in key big addresses, with the number of addresses holding 100 to 100,000 ETH reaching a 20-month high, is another positive development for the network.
Another milestone is that over the following three months, Phantom, the primary cryptocurrency wallet in the Solana ecosystem, will gradually add functionality for assets on the Polygon and Ethereum blockchains.
