After a dramatic decline in accumulation prior to the Merge update to the Ethereum (ETH) network, which marked its transfer from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm, the token’s greatest whales seem to have returned to the ‘hodling’ mode.
Specifically, Ethereum’s top 10 biggest non-exchange addresses have gained 6.7% more ETH since the September fall before the Merge, according to statistics provided on November 1 by the cryptocurrency market intelligence site Santiment.
According to the most recent statistics, non-exchange whales of Ethereum have 23.7 million ETH. During the same timeframe, the accumulation of Ethereum’s top 10 exchange addresses, which presently possess 8.7 million ETH, increased by just 0.2%, according to the graphic.
As reported by Finbold, the Ethereum blockchain has also seen an increase in smart contract activity after the Merge, or more particularly since October 9. These levels were last seen in July 2021.
At the time of publication, the price of Ethereum is $1,588. This is a gain of 0.33% over the previous twenty-four hours and 18.02% over the previous week, adding up to a monthly increase of 21.25%.
The market capitalization of the decentralized finance (DeFi) token is present at $194.33 billion, maintaining its position as the second-largest cryptocurrency by this metric.
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