The winds of change are swirling around Ethereum, the world’s second-largest cryptocurrency. Despite a recent price dip, the network has witnessed a surge in new user activity, sparking a wave of optimism. However, the outsized influence of large holders, known as whales, continues to cast a long shadow. Related Reading: Whales Dive In, But Dogecoin Price Sinks 20%: What’s Going On? New Wallets Open For Business Data from blockchain analytics firm Santiment reveals a surge in new Ethereum wallets, with a record-breaking 267,000 created on April 28th and 29th. This influx marks the highest two-day increase since October 2022 and suggests a potential resurgence of interest in the Ethereum network. 📈 #Ethereum saw a milestone as April came to an end. 266.6K new wallets were created on April 28th and 29th, the highest 2-day stretch of network growth since October 8th and 9th, 2022. It is a strong that $ETH continues expanding despite dipping prices. https://t.co/SN6xqc3JXV pic.twitter.com/KDcjhY30y5 — Santiment (@santimentfeed) May 1, 2024 This trend defies the current market downturn, with many cryptocurrencies experiencing significant price drops. Analysts speculate that the rise in new wallets could be fueled by several factors, including: Anticipation of future growth: Investors may be looking towards upcoming Ethereum upgrades that promise improved scalability and security, betting on the network’s long-term potential. Bargain hunters: The recent price dip might be seen as an attractive entry point for new investors seeking a discount on Ethereum. On Minnows And Whales While the number of new users is encouraging, a closer look at Ethereum’s address distribution reveals a stark disparity in holdings. According to CoinMarketCap, a staggering 97% of Ethereum addresses hold between $0 and $1,000 worth of the cryptocurrency. This signifies a large pool of small-scale investors, often referred to as “minnows.” However, the real power lies with a select few. Whale tracking platform Clank estimates that whales, representing only 0.10% of all Ethereum addresses, control a whopping 41% of the total circulating supply. This translates to an average holding of nearly 10 million ETH per whale, valued at a staggering $3.7 million. Ether market cap currently at $362 billion. Chart: TradingView.com Holding Steady: A Vote Of Confidence? Despite the recent price decline, Ethereum appears to be weathering the storm better than the broader crypto market. In fact, Ether is up more than 30% year-to-date (YTD) from an opening price of about $2,282. As of today, Ethereum sits at $3,014, with a total market capitalization of $362 billion. Notably, the market experienced an average decline of 8.75% over the last week, highlighting Ethereum’s relative resilience. Source: CoinMarketCap Related Reading: Bitcoin Slide Over? Top Analysts Unanimously Call $56,000 The Bottom Furthermore, data suggests that a majority of Ethereum investors (74%) are long-term holders, demonstrating a strong belief in the project’s future. This “hodling” mentality indicates a commitment to maintaining their Ethereum positions for the long haul, even in the face of short-term market fluctuations. Featured image from Pixabay, chart from TradingView
AI in gaming is nothing new, but recent AI advancements provide numerous new ways to enhance games and their user experience – even if gamers themselves don’t particularly love it. Whether leveraging AI to produce realistic enemy behavior and motion matching in ‘The Last of Us‘ or more accurately depicting real player skills and tactics The post Why AI Won’t Rescue an Unplayable Web 3.0 Game appeared first on The Daily Hodl .
Jonnathan Saborio Announces Smart Profit Global's Mission to Democratize Blockchain Technology
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Over the last couple of years, the US government has tried to tighten its grip on different sectors of the crypto industry. As a result, these efforts have received significant backlash from politicians and central figures within the crypto space. This week, another crackdown on the crypto industry occurred after Arkansas lawmakers approved two bills
BlockDAG’s Strategic Expansion: Over 10 New Payment Methods Attract Shiba Inu & Avalanche Investors Amidst $22.3M Presale Inside the dynamic realm of cryptocurrency, financial agility is pivotal. As players like Shiba Inu and Avalanche carve their niches with unique offerings, BlockDAG is capturing significant attention with its expansive payment options,
Venture capital firm Pantera Capital has invested significantly in The Open Network blockchain. The news, announced on Thursday, resulted in a 9% surge in the network’s native token, Toncoin (TON), pushing its value above the $5 mark. Pantera Capital Bullish On TON And Telegram Integration In a statement, Pantera Capital expressed enthusiasm about their latest investment in TON. The Layer 1 network, initially conceived by Telegram and continued by the open-source community, can potentially introduce cryptocurrency to the masses due to its extensive usage within the Telegram network. Related Reading: Ripple Unlocks 1 Billion XRP From Escrow – How Will This Impact Price? Telegram, used by over 900 million monthly active users, is known for personal and group communication, community building, content sharing, and more. Pantera Capital believes that by leveraging Telegram’s vast user base and user experience, combined with TON’s growing ecosystem, the network could become one of the largest in the cryptocurrency space. Pantera’s announcement further reads: We at Pantera Capital are thrilled to announce our latest investment in TON, a Layer 1 network originally designed by Telegram and continued by the open-source community. We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network. The integration of TON with Telegram aligns with the platform’s vision of providing a “seamless” and “borderless” experience for peer-to-peer (P2P) payments within its user base. Tether’s Integration With The Open Network As previously reported by NewsBTC, Tether, the company behind the largest stablecoin in the market, USDT, recently announced the launch of its USDT dollar-pegged token and Tether Gold (XAUT) on The Open Network. This integration further increases the potential for P2P payments within Telegram’s extensive user base, a prospect that Pantera Capital aims to capitalize on. Related Reading: Bitcoin On Track For $1 Million Per BTC “Fair Value”, Analyst Says In addition to the investment in TON, Pantera Capital is actively pursuing the launch of a new fund, Pantera Fund V, to raise over $1 billion. This fund aims to provide investors with diverse investment options across the blockchain asset spectrum, encompassing startup equity, early-stage tokens, and liquid tokens. The new fund has established a minimum investment threshold of $1 million for qualified investors, and the first close is scheduled for April 1, 2025. Insiders familiar with the matter have indicated that Pantera Fund V is anticipated to reach a similar size as its predecessor, which successfully amassed approximately $1.25 billion in capital two years ago. Following the disclosure of Pantera Capital’s investment in The Open Network, the price of TON experienced a notable 9% surge on Thursday, reaching a current trading price of $5.09. This increase comes after a significant price decline, with TON dropping as low as $4.6 after reaching its all-time high (ATH) of $7.65 in mid-April. Featured image from Shutterstock, chart from TradingView.com
The liquidation levels showed that short positions vastly outnumbered the long ones, which could aid a short-term price bounce.