Whale’s Significant Holdings
This whale originally received 254,908 ETH during the ICO, paying an initial cost of $79,000. Today, that ETH is valued at $646 million, with the whale still holding 37,070 ETH (approximately $93.8 million), according to Lookonchain.
Current Price Trends
Ether’s price currently stands at $2,521.30, having declined 9.6% from October 20 to October 23. This downturn erased the gains from the previous 10 days, with ETH now stabilizing near $2,500. Over the past 30 days, the cryptocurrency’s price performance has been negative, dropping by 6%.
- Current ETH Price: $2,521.30
- Price Decline (Oct 20 – Oct 23): 9.6%
- 30-Day Price Performance: -6%
The chances of ETH reclaiming the $2,800 support level are diminishing. On-chain data suggests that high transaction fees are discouraging activity on the Ethereum network, reducing demand for ETH staking.
Market Overview
Over the same period, the total cryptocurrency market capitalization fell by 5%, contributing to Ethereum’s decline. However, the broader market has performed better than ETH, with a 1.9% increase over the past 30 days, highlighting ETH’s 8% underperformance.
Competing Networks Gaining Momentum
Ethereum’s network congestion and high transaction fees, averaging $4 over the past two weeks, have strengthened the appeal of lower-cost competing blockchains such as Solana. According to DefiLlama, Solana recorded $13.4 billion in transaction volume over the past week, which is 67% higher than Ethereum’s volume.
DEX Performance
In the decentralized exchange (DEX) space, Ethereum’s performance has been weaker, with volumes on platforms like Uniswap and Curve Finance falling by 18%. Meanwhile, Solana-based DEXs Raydium and Lifinity saw substantial growth, with volume increases of 42% and 77%, respectively.
DeFi Trends
Ethereum’s total value locked (TVL) in decentralized finance (DeFi) has also decreased by 5%, with 18.2 million ETH currently locked. The number of staked ETH has similarly declined, with a net decrease of 191,000 ETH over the past month, valued at $492 million.
Looking Ahead
As Ethereum faces competition from other blockchains, the upcoming Prague-Electra upgrade, scheduled for 2025, aims to address scalability concerns. However, uncertainty remains about whether it will be enough to solve the network’s current issues.
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