TheCryptoUpdates
Ethereum News

Ethereum Whales Now Control 43% of ETH’s Total Supply

New data obtained from IntoTheBlock, a renowned cryptocurrency analytics platform, reveals that Ethereum (ETH) whales now hold a staggering 43% of the cryptocurrency’s total circulating supply. This comes after a recent flurry of accumulation activity by these major stakeholders. Intriguingly, this represents a significant increase from the figures recorded in early 2023 when ETH whales controlled a mere 22% of the token’s total supply.

Analysts at IntoTheBlock suggest that the surge in control is likely linked to the Ethereum merge and the lucrative staking opportunities it offers. The number of unique addresses contributing ETH to the staking contract has risen to 210,100, registering an 8.60% increase within the last 24 hours. Furthermore, the aggregate amount of ETH tokens committed to staking stands at an impressive 55.96 million.

Meanwhile, the price of Ethereum (ETH) is closing in on the $3,500 mark. According to data from CoinGecko, the leading altcoin has seen an approximate 2% increase over the past 24 hours. This recovery in price aligns with similar trends observed among other major altcoins.

Notably, Bitcoin, the premier cryptocurrency by market capitalization, experienced a surge in price earlier today, reaching a peak of $105,079. This recent development in the cryptocurrency market underscores the dynamic and often unpredictable nature of digital asset investment.

The rise in Ethereum’s price and the growing influence of ETH whales are key indicators of the growing adoption and confidence in Ethereum’s blockchain technology. This is likely bolstered by the Ethereum merge and the considerable staking opportunities it presents. However, the centralization of such a significant proportion of ETH’s supply among a relatively small number of stakeholders may raise concerns about the potential for market manipulation.

The Ethereum merge is a major upgrade to Ethereum’s existing infrastructure. It involves transitioning from a proof-of-work (PoW) consensus algorithm to a more energy-efficient proof-of-stake (PoS) algorithm. The merge offers various benefits, including scalability, security, and sustainability. The staking opportunities that come with it allow ETH holders to earn rewards by participating in transaction validation.

As the cryptocurrency space continues to evolve, these developments underscore the need for stakeholders to stay informed and exercise due diligence. The rise of Ethereum and the increasing influence of ETH whales represent significant shifts in the cryptocurrency landscape, with potential implications for both individual investors and the wider market.

Related Articles

Ethereum Experiences 1% Growth with Potential for Further Increase

Jack

Google Introduces Ethereum Merge Countdown Timer

Bitcoin Adoption by Companies Could Boost Cryptocurrency Demand in 2025

Jack
Desktop Banner
Mobile Banner