Vitalik Buterin Partners with Whales to Dump ETH! Ethereum Gas Fees Surge, Holding Above $2600
Ethereum Gas fees have been on the rise recently, indicating increased on-chain activity. Monitoring accounts on the blockchain revealed that Vitalik Buterin’s associated wallet deposited the final 649 ETH (approximately $1.72 million) into Paxos about 20 hours ago. Additionally, today, 68,558 ETH was discovered to have been transferred to Coinbase, likely for selling purposes. (Background: Ethereum Gas fees hit a 5-year low, analysts predict a strong ETH rebound)
Gas Fees Rebound on Ethereum Blockchain
In mid-August, Ethereum Gas fees hit a low of 0.6 Gwei, the lowest in 5 years. However, as September began, there has been a noticeable recovery alongside the rise in ETH prices. According to Dune Analytics data, last Friday, the median Ethereum Gas fee surged above 60 Gwei, marking a more than 100-fold increase from the 5-year low. Currently, ethgas.app shows that the average Gas fees range between 10-40 Gwei, indicating a significant increase in on-chain Ethereum activity as the community closely monitors ETH price fluctuations. (Further reading: Ethereum Gas fees hit a 5-year low, analysts predict a strong ETH rebound)
Vitalik Buterin’s ETH Activities
Spot On Chain, an on-chain monitoring account, tweeted earlier today that Vitalik Buterin’s associated wallet “0x556” deposited the last 649 ETH (approximately $1.72 million) into the Paxos platform about 20 hours ago. Previously, on September 19, wallet “0x556” received 1,300 ETH (around $3.21 million) from wallet “0xd04,” and Vitalik Buterin had transferred 70,000 ETH to wallet “0xd04” in 2022. In the past 11 days, as ETH prices rose, wallet “0x556” deposited all 1,300 ETH into Paxos at an average price of $2,581 (about $3.35 million). The community speculates that Vitalik Buterin, known as the master of escaping market tops, transferring a large amount of ETH to Paxos might indicate another selling move. Vitalik has faced criticism for frequently selling significant amounts of Ethereum recently. (Further reading: Vitalik Buterin faces backlash for dumping 85,000 ETH in 3 years, claims no profit: fully funding Web3 and charity)
Ethereum Whales in Action
With the recovery in ETH prices, Ethereum whales have been active recently. Several whales have made significant ETH transfers today, with a total of 68,558 ETH observed moving to Coinbase, valued at over $180 million. In terms of prices, ETH, which briefly surged to $2,728 last Saturday, dropped to a low of $2,600 earlier today, representing a nearly 4.7% decline. At the time of writing, it hovers around $2,632, indicating a 1.5% decrease in the past 24 hours. (Related: Ethereum whales planning to dump? ETH holds key support at $2600)
Conclusion
The cryptocurrency space, particularly Ethereum, remains dynamic with fluctuating Gas fees and whale activities affecting market sentiments. Vitalik Buterin’s recent transactions and the movements of Ethereum whales continue to be closely monitored by the community, reflecting the ever-evolving nature of the digital asset landscape.
