A leading blockchain analytics firm is revealing Ethereum (ETH) whales are snapping up the leading smart contract platform amid ETH’s sustained decline in value.
According to Santiment, addresses with a balance of between 100 and 100,000 ETH have been accumulating since June 7th despite the significant devaluation of Ethereum over the past month.
“Ethereum shark and whale addresses (holding between 100 to 100,000 ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement.”
The current ETH supply stands at 119,516,810, according to blockchain explorer Etherscan.
Santiment also says that it’s keeping an eye on XRP after witnessing an exponential jump in the number of unique users interacting with its network.
“XRP is holding up better than most altcoins on a Thursday crypto slide day. A couple days ago, the XRP Network exploded with unique addresses interacting on the network, exceeding 200,000 for the first time since February, 2020. This is worth watching.”
The blockchain analytics firm adds that the two largest memecoins by market cap, Dogecoin (DOGE) and Shiba Inu (SHIB), have also recorded a significant increase in network activity over the past ten days.
“Whatever your opinion may be on Dogecoin and Shiba Inu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, DOGE (+32%) and SHIB (+35%) have seen many returning network interactions.”
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Read More: Ethereum Whales Are Accumulating ETH Amid Crypto Dip, According to Analytics Firm