Ethereum Eyes $2,000 As Traders Convert PEPE Profits to ETH
The Ethereum (ETH) price has decoupled from the rest of the crypto market, rising over 3.56% in the last 24 hours and eyeing a move above $2,000 levels. This development comes as active deposits on the Ethereum blockchain network shoot to a 1.5-year high, with a large number of crypto traders converting their PEPE profits into ETH. The daily median gas fee on the Ethereum blockchain has touched a new 12-month high of 87 gwei due to the frenzy surrounding the memecoin PEPE, which has been on an unstoppable price rally. However, investors must stay cautious as Vitalik Buterin and the Ethereum Foundation recently dumped over 15,000 ETH, and the current momentum may spiral into a major sell order for Ethereum anytime soon.
Ethereum Foundation and Vitalik Buterin Move 15K ETH
Ethereum Foundation and its creator Vitalik Buterin transferred a significant amount of ETH to crypto exchange Kraken. Vitalik Buterin transferred 200 ETH, and Ethereum Foundation transferred 15,000 ETH. This raised concerns in the crypto community that the move could lead to a crash in ETH and meme coin prices, as similar large transfers by Ethereum Foundation have caused significant price drops in the past. Additionally, Buterin has a history of selling meme coins, which often leads to a drop in their value. Despite these concerns, ETH's price has increased by 3% in the last 24 hours, currently trading at $1,964.
BRC-20 Token Standard A Hotspot For New Memecoins As PEPE Soars
PEPE, a meme token based on Ethereum, has recorded massive gains of close to 38,900% ROI for early investors in its first month. This has led to increased interest in the original BRC-20 token standard, which was used to create the Bitcoin-based PEPE in March 2023. The BRC-20 token standard is an experimental mechanism for launching tokens on the Bitcoin blockchain network, created by a pseudonymous on-chain analyst called Domo.
Ethereum Staking Can Reveal Your IP Address
According to an Ethereum expert, ETH staking can reveal sensitive information about the staker. Bankless podcast discussed what comes after Ethereum Shapella upgrade.
PEPE Memecoin Hits $1 Billion Market Cap Fueled by Binance Listing
The price of the new frog-themed memecoin has surged more than 4,000% since its inception on April 14.
April 2023 Monthly Recap
April 2023 was an exciting month for the crypto market as the Ethereum network was upgraded to enable staking withdrawals on April 12. Meanwhile, BTC and ETH reached yearly highs, gaining 2.7% and 2.6% on the month, respectively.
DCG’s Barry Silbert Sells $755K Worth of Grayscale Ethereum Classic Trust Shares
Barry Silbert, the founder and CEO of Digital Currency Group (DCG), has moved to liquidate nearly 120,000 Grayscale Ethereum Classic Trust(ETCG) shares, worth an aggregate market value of approximately $755,295 dollars.
Ethereum Transaction Fees Hit May 2022 Highs
On May 2, the median average transaction fee on the Ethereum network soared to around 87 gwei, according to Dune Analytics. This spike was mainly attributed to the increased on-chain activity surrounding memecoin trading.
