After developers said that the Merge would be happening next month in September, Ethereum deposit-staking contracts has been receiving increased interest. The proof-of-stake move will result in miners being replaced by validators, who receive rewards for staking their ETH. More investors are eager to benefit from this. Ethereum has reached new milestones. The most recent is the staked amount.
Treated ETH crosses 13.3 million
The number of Stripped ETH has reached 13.3 Million. It has taken a while to reach this number and the market has experienced tremendous growth ever since its announcement a month ago. Now, 13.308million ETH has been staked in the contract. This number is rising each day.
The current staked ETH amount to approximately 11%. This means that 11% of Ethereum’s available supply has been rendered unmovable for the foreseeable future. The price has suffered as a result. Scarcity = higher value. Ethereum crossed $2,000 for first time in over 2 months.
The anticipation around the Merge has turned into a ‘buy the news’ event. Given the promise made by Ethereum, the cryptocurrency is attracting more investors. You should also consider the fact that withdraws will not be possible until six months to one year after Merge. This will further increase the price.
Ethereum Investors Push In
The emergence of an accumulation trend as a result of September’s announcement about the Merge has been an important side effect. One example of this is the 1,186 new one-month high in addresses that hold at least 10,000 ETH. This trend also occurred for smaller investors who hold at least 10 coins. The new record of 313,562 wallet addresses was set.
Wu Blockchain announced that an Ethereum wallet, which had been lying dormant for some time was now active in the morning hours of Monday. This wallet had a balance 145,000 ETH and was active in the ICO era.
The price of ETH reached $219 in 2019. In 2019, the wallet’s owner had only made one transaction of 5,000 ETH, but no other activity had occurred since. Since its reactivation, the wallet has transferred 145,000 ETH into multiple wallets.
This trend is becoming increasingly common with the Merge getting closer. ETH’s price is rising as more investors purchase the news. As we have seen, the Merge will lead to a decline in the price of ETH.
Featured Image from Greek Reporter. Chart by TradingView.com
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