The beginning of September was a rough week for the crypto market, and as many investors dumped their crypto holdings, at least 68 new whales entered the market.
According to a tweet from santimentfeed , their distribution chart indicated that 68 new whale addresses containing between 1000 and 10,000 ETH were created even as prices crashed. This means that millions of dollars entered the market at a time when some investors were apprehensive about the market direction.
Lately, there has been an increased demand for DeFi products, leading to the launch of several DeFi tokens and platforms. Most of these projects are built on the Ethereum blockchain, thereby increasing the daily transaction volume and demand for Ether (ETH).
While this is a good development for the cryptocurrency market, the growth does not come cost-free. ETH gas fee has skyrocketed, rewarding miners with a whopping $500K within an hour, as the coin achieved a new all-time of $486.
However, the average gas fee has since reduced to 98 Gwei due to the decline in ETH prices and the SUSHI project saga, which saw a price crash of 88% within five days.
Source: Cointelegraph
