A significant amount of Ethereum (ETH) has been bought, totaling more than $620 million. Data from Spot On Chain shows that within just one hour, a massive 15,003 ETH was purchased at around $3,932 each, using 59 million DAI.
In the last four days, these wallets have accumulated 163,295 ETH, costing approximately 620.7 million DAI, with an average buying price of $3,801. This has resulted in an estimated unrealized profit of $24.3 million.
PulseChain-Linked Wallets Invest in Ethereum (ETH)
These transactions are linked to wallets associated with PulseChain, a project connected to Richard Heart, the controversial figure behind HEX and PulseX. PulseChain has sparked debates within the cryptocurrency community due to its founder’s reputation.
Despite the controversies surrounding Richard Heart, the significant investment in Ethereum by entities associated with PulseChain indicates confidence in the digital asset’s future.
Another 15,003 $ETH was bought on-chain at ~$3,932 using 59M $DAI by wallets linked to PulseChain/X in the past hour!
Total amount purchased in the past 4 days: 163,295 $ETH (cost: 620.7M $DAI, avg price: $3,801)!
Est. unrealized profit: $24.3M. https://t.co/YAgSMo1b1X pic.twitter.com/mgDpJI44qC
— Spot On Chain (@spotonchain) March 8, 2024
The impact of these large-scale purchases is evident in the market as Ethereum’s price approaches the $4,000 mark. Currently, ETH is trading at $3,939, marking a 3.74% increase over the past 24 hours and an impressive 62.57% rise over the last month.
The substantial interest from both retail and institutional investors continues to drive Ethereum’s momentum, underscoring the widespread belief in its long-term potential.
Anticipation Builds for Ethereum’s Dencun Upgrade
Ethereum’s value surge comes as people eagerly await the Dencun upgrade on March 13. This update will bring proto-danksharding, aiming to make layer-2 transactions cheaper. It’s all about improving how users experience Ethereum.
With the Dencun upgrade approaching, everyone is keeping a close eye on Ethereum’s price movements and how people are investing in it. Big investors, called “whales,” are making moves that show they’re really interested and optimistic about Ethereum.
These developments show that Ethereum is still a top digital currency. People are really excited about the Dencun upgrade, believing it’ll bring more good things to Ethereum and its community.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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