It’s been just revealed that there is an important blockchain analytics firm that reported the fact that Ethereum whales are accumulating the digital asset while the crypto market is seeing more price drops.

Check out the latest reports below.

Santiment reveals important data about the crypto whales

According to Santiment, addresses with a balance of between 100 and 100,000 ETH have been accumulating since June 7th despite the significant devaluation of Ethereum over the past month.

“Ethereum shark and whale addresses (holding between 100 to 100,000 ETH) have collectively added 1.1% more of the coin’s supply to their bags on this -39% dip. Historical evidence points to this tier group having alpha on future price movement.”

It’s also important to mention the fact that Santiment also says that it’s keeping an eye on XRP after witnessing an exponential jump in the number of unique users interacting with its network.

“XRP is holding up better than most altcoins on a Thursday crypto slide day. A couple days ago, the XRP Network exploded with unique addresses interacting on the network, exceeding 200,000 for the first time since February, 2020. This is worth watching.”

The blockchain analytics firm also made sure to highlight the fact that the two largest memecoins by market cap, Dogecoin (DOGE) and Shiba Inu (SHIB), have also recorded a significant increase in network activity over the past ten days.

“Whatever your opinion may be on Dogecoin and Shiba Inu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, DOGE (+32%) and SHIB (+35%) have seen many returning network interactions.”

Check out more details revealed by the crypto analytics firm.

In other news, it’s been revealed that the price of Bitcoin could explode by the end of 2022. Check out the latest reports about the price of the coin.

Experts at Deutsche Bank have recently said that the Bitcoin price might explode soon and this could happen by the end of this year.

The post Ethereum Whales Accumulate ETH Amidst The Crypto Price Drop first appeared on CryptoGazette - Cryptocurrency News.