Read U.TODAY
google news
The massive purchase of 97,276 Ethereum (ETH) has left the crypto community confused and speculating about the impact on the market.
PulseChain, the controversial project founded by Richard Hart, the founder of HEX and its decentralized exchange PulseX, has made a massive purchase of 97,276 ETH worth $363 million, making the cryptocurrency sparked speculation in the field.
According to o look on chainPulseX and PulseChain purchased 97,296 ETH worth $363.66 million in just two days using 11 wallets, spending a total of 363.66 million DAI at an average price of $3,738.
This surprising acquisition sparked interest from traders, investors, and analysts alike, raising questions about the project's motives.
Even more puzzling is the fact that some believe the Ethereum purchases were made at the peak of the local price.
Over the past two days, the ETH price has seen a see-saw movement due to a sharp increase in volatility. For example, on March 5th, Ethereum suffered a dramatic price drop, swinging between highs and lows of $3,829 and $3,205.
Ethereum reached a high of $3,903 from a low of $3,503 on March 6th and is currently on the decline. At the time of writing, ETH has fallen 2.66% to $3,784 over the past 24 hours, suggesting a slight uptick in hidden assets of 97,296 ETH at current prices.
Although the motivations of projects acquiring such large ETH assets remain unclear, Ethereum is seeing strong demand from both retail and institutional investors who want to bet big on its long-term potential. continues to be seen.
Anticipation is currently building for the long-awaited Dencun upgrade scheduled for March 13th. This upgrade introduces proto-dunk sharding, which aims to make layer 2 transactions as cheap as possible for users.
About the author
Tomiwavoldo Olajide
