Whales Go on Buying Spree, Snapping Up $840 Million in ETH

Published 06/13/2024, 03:30 AM
Updated 06/13/2024, 04:15 AM
© Reuters Whales Go on Buying Spree, Snapping Up $840 Million in ETH
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  • Whales purchased 240,000 ETH during a price drop, spending $840M, showing strong faith in Ethereum’s future.
  • Ethereum-based apps make revenues similar to public companies, highlighting its move towards mainstream use.
  • Ethereum’s price is steady at around $3,650, with crucial support at $3,450 and the potential for a rise if it goes above $3,660.

Ethereum (ETH) is showing strength in the volatile crypto market, according to crypto analyst Ali. Large investors, known as whales, recently purchased over 240,000 ETH during a price dip. This significant purchase, valued at around $840 million, demonstrates strong confidence in Ethereum’s long-term value and its crucial role in the global crypto ecosystem.

Crypto applications built on the Ethereum blockchain are generating revenues comparable to those of several public companies. This highlights the innovation, resilience, and vision driving the global crypto industry. These applications are becoming integral to daily financial and digital activiti…

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