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Ethereum (ETH), the second-largest asset by market capitalization in the cryptocurrency sector, is making tremendous progress as the industry as a whole is beginning to get back on its feet after being knocked down by a recent bearish storm. On-chain analytics firm Santiment reports an addition of 131 whales to the Ethereum network in recent weeks, alongside the recovery in the Ethereum price in July. There has been an increase in the number of addresses in the range of 1,000 to 100,000 ETH. Now that Ethereum whales are back to ETH important question is what will happen to everyone's favorite meme coin Shiba Inu (SHIB)?
Ethereum has recently surpassed the $1,500 mark, increasing its value by over 45% in a single week, and resurrecting the wealthy crypto investors' confidence, according to the CoinMarketCap data acquired by Finbold on July 19.
The renewed assurance of the token's bullish future has pushed Ethereum whales into the accumulating mode, as demonstrated on a chart shared by the AI-powered crypto market analytics firm IntoTheBlock on July 18.
The trend is similar with smaller ETH investors as well. Those holding at least a full one have charted an all-time high of over 1.5 million. Addresses with 100 or more coins, on the other hand, are up to a 15-month high of more than 45,000.
The year 2022 is accompanied by severe concerns about an incoming recession in the US economy and crypto companies turning bankrupt. ETH's price fluctuated from around US$1,000 to US$1,100 for a quite long period. Experts had predicted that if Ethereum fails to maintain its US$1,000 mark, it would be impossible for the crypto to rise back up again. Initially, experts said that Ethereum had to recover back its US$1,500 position rapidly. For quite a long time, crypto has been experiencing a free fall and now finally investors are witnessing a ray of hope!
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