Ethereum

The Number Of Ethereum Wallets Holding More Than 1 Coin Hits A New 30-Day High

Key Points:

  • Since the Shanghai upgrade, it seems that investors are still interested in staking Ethereum.
  • The number of addresses holding more than 1 ETH hit a one-month high.
  • The rise in active deposits seems to be linked to the introduction of a new memecoin named PEPE.
Following Shanghai’s execution last month, the network has shown that the majority of Ethereum aficionados are still keen to begin staking. The proof is that the number of addresses holding over 1 ETH has hit a new 30-day high.
The Number Of Ethereum Wallets Holding More Than 1 Coin Hits A New 30-Day High 4

Glassnode data shows that the number of addresses holding more than 1 Ethereum reached 1,750,726, a new one-month high.

ETH’s price is currently trading at $1,890. However, a day earlier, the $2000 level was tested again.

ETH price chart. Source: TradingView

When the dust has cleared from Ethereum’s historic Shanghai upgrade, it’s time to examine some of the main staking lessons. With the Shanghai update, Ethereum investors may finally withdraw their assets from the mainnet. Some have been expecting to do so since December 2020, when the staking option was first offered.

For over a year, Ethereum pricing has struggled to close above a critical resistance level, and it is now trying to do so again after failing to do so earlier this month. This important psychological threshold is also linked to approximately 24% of the total circulating quantity of ETH, making a breach much more significant.

PEPE, a new memecoin, has resulted in an increase in Ethereum active deposits, with traders transferring their winnings into ETH, possibly pushing the price past $2,000 if the wave continues.

According to a recent Santiment chart, an intriguing trend has occurred. The data revealed a significant increase in active deposits inside the network, revealing a pattern that began on 3 May. Nonetheless, it peaked on the 4th and 5th of May, reaching heights not seen since November 2021.

Source: Santiment

Such optimism is crucial for recovery and may have been a driving factor in the ETH price approaching $2,000. Nonetheless, some selling by 100,000 to 1 million ETH holders has been detected in the recent week. Retail holders, on the other hand, have only begun selling after ETH collapsed last month.

Yet, since $2,000 is a major psychological support level, it would almost definitely generate enough bullishness to start investors moving.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

24 minutes ago

Zircuit Launches ZRC Token: Pioneering the Next Era of Decentralized Finance

George Town, Grand Cayman, 22nd November 2024, Chainwire

44 minutes ago

Inflation Warning By Vanguard Amid Tariffs And Labor Issues

Inflation Warning by Vanguard highlights risks during Trump’s term, citing tariffs and tighter labor markets…

1 hour ago

Clanker Token Trading Volume Hits $59.8 Million High On November 21

Clanker token trading volume hit $59.8M on Nov 21, accounting for 14.75% of PumpFun. Fee…

1 hour ago

Bitcoin Spot ETF Inflows Hit $1 Billion Led By BlackRock

Bitcoin Spot ETF inflows hit $1.005B on Nov 21, led by BlackRock’s $608M and Fidelity’s…

2 hours ago

New York Techie Bagged $72M from $15K Investment in Ethereum — Here’s How BlockDAG Can Offer Similar Jackpot

Discover the success story of a New York tech entrepreneur who made $72M from a…

2 hours ago

This website uses cookies.