During a 30% price drop at the beginning of September, at least 68 Ethereum whales joined the network, potentially adding millions in holdings. According to Crypto Twitter user Ali Martinez, data from analytics site Santiment shows the number of investors holding between 1,000-10,000 Ether (ETH) — roughly $350,000-3.5 million as of this writing — increased by 68 in the three days since Aug. 31. The drop comes while the token fell 30.2% from $367 on Aug. 31 to a monthly low of $326 on Sept. 5.
The growing DeFi market fueled demand for ETH starting in June, as did the rising gas costs — reaching a high of roughly 485 Gwei on Sept. 1 — with an increasing number of daily transactions. However, the average gas fee is now just 98 Gwei following the price drop coupled with projects like SUSHI plunging 88% in just 5 days.