On October 24, an Ethereum (ETH) Initial Coin Offering (ICO) whale sold 30,000 ETH for over $7.6 million. This follows a previous sale in July in which the same participant dumped 7,000 ETH.
However, Ethereum’s price has remained stable since the last sales, losing 0.11% in the past 24 hours.
This recent transaction is a drop in the ocean as the whale still holds 254,908 ETH from the 2015 ICO. That’s a massive amount of money, and the whale still holds a cool 37,070 ETH (about $94 million) after the latest sale.
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Despite the pain caused by the whale’s July sale, Ethereum’s price has avoided a significant drop, contrasting with the 15% dip triggered by the troll’s latest transaction.
Ethereum Whale’s Selling Sparks Concerns About Stability
There have been worries about Ethereum ICO whale’s price stability due to her selling activities. The whale’s sale of 7,000 ETH earlier in the month contributed to heightened market volatility following a price drop. While the sale was smaller, traders remain wary of additional sell-offs.
Market pressure, as we know it relates to the cryptocurrency marketplace, can be dramatic, and often, the whale selling precipitates the selling.
This time, however, Ethereum seems to weather the sale without too much loss and stay near stability as the market continues to liquidate. Still, investors are cautious in observance of any further ETH movements by significant holders.
Vitalik Buterin’s Upgrades Drive Ethereum’s Growth
Ethereum faces significant market pressure, particularly from large investors offloading their holdings. However, the Ethereum ecosystem has kept evolving despite the challenges, as different developers introduced important upgrades that allowed the planet’s major blockchain to improve its functionality.
As pressure builds from layer 1 solutions, ETH has already seen significant improvements, including a reduction in gas fees, and has become more competitive.
The Scourge and The Verge, as outlined by Ethereum co-founder Vitalik Buterin, will address issues of scalability and sustainability. However, short-term market volatility notwithstanding, these upgrades are considered vital to Ethereum’s long-term growth.
As Ethereum tries to establish itself as a premier blockchain platform, the broader market will likely consider it.
Whale’s Holdings Could Still Impact Ethereum Price
Ethereum’s price has remained stable at around $2,528 after the whale’s latest ETH sale. Despite the pressure that the digital currency has been under recently from broader market liquidations, the latest sale has not plunged the price.
Despite the Big Sell, ETH remains one of the most liquid assets in the crypto market, which can easily absorb huge sales without major disruptions.
It still has around 37,070 ETH left in the whale’s hands, meaning further large-scale sales could still affect the Ethereum price.
Although investors and analysts are on edge, they are watching whether the recent sale is simply a pause in the whale’s activity or if the whale is set to keep dumping holdings. Several factors will impact whether Ethereum’s stability can be maintained in the upcoming weeks: market sentiment, whale activities, and broader market trends.
