Whales are pulling an altcoin project off exchanges amid a price recession, according to a recent blog post by Lucas Outumuro, head of research at blockchain analytics platform IntoTheBlock.
Network activity peaks despite sideways price movements
According to a top crypto analysis company, address activity on the network is increasing despite recent sideways movements in Ethereum price. Santiment reports in a recent tweet that the total number of daily active addresses on Ethereum reached 592,000 on Wednesday, the highest level since March 18:
Ethereum’s address activity, 592 as of Wednesday. It really went up this week with the highest number of unique interactions in over a month with a thousand addresses. According to
Santiment data, this week, Ethereum-related tweets on social media hit the peak of the past two months. After hitting a weekly high of $3,167.64 on Thursday, Ethereum is currently trading at $2,960.14. The value of the largest smart contract platform has dropped 4.18% since last week and 5.3% in the last 30 days.
Altcoin whales withdraw ETH from centralized exchanges
According to a recent blog post by Lucas Outumuro, head of research at blockchain analytics platform IntoTheBlock, ETH was around last week. It saw a net outflow of $800 million. According to analytics firm
, the seven-day time frame is evaluated to produce the metric determined by subtracting net inflows from net outflows. According to Outumuro, currency outflows can indicate the beginning of an accumulation period. On the other hand, Ethereum lost $97.3 million in accrued fees, representing a 14% drop from the previous week, according to the crypto researcher. Outumuro says the total amount of fees collected reflects the “desire to pay and use” Ethereum.
NFTs total transaction volume exceeded $50 billion
While NFTs exceeded everyone’s expectations in 2021, they continued to grow throughout 2022. Cumulative trading volume on NFTs at the beginning of 2022 was $17 billion and quickly exceeded $50 billion just four months later.
When it comes to new collections that reinvigorate intriguing NFTs, Moonbirds stands out as one of the biggest performers on the market. As we reported as Kriptokoin.com, the Moonbirds base price made 33x in a short time.
Moonbirds collection is the latest collection looking to add benefits to their NFTs in new ways.
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