According to data from Lookonchain, the previously inactive whale has recently established a fresh contract and committed 4,032 ETH, equivalent to approximately $7.4 million, in support of Ethereum.
Back in July 2014, during the ICO, the whale obtained 60,000 ETH through the presale phase.
The whale’s choice to stake their coins is perceived by certain individuals in the cryptocurrency community as a clear endorsement of Ethereum’s long-term prospects.
While the price of ETH remains stagnant, the whale’s activity has the potential to impact demand, as investors often observe and react to the decisions made by influential entities. The act of staking, which effectively removes coins from circulation, could have a positive effect on bullish sentiment.
Beyond its influence on price, this development also indicates a potential stabilization of the historically volatile crypto market, as investors gain more confidence in the long-term viability of digital assets.
In recent days, ETH has faced downward pressure, declining from its peak of over $2,100 in late April 2023. However, prices have since rebounded, recovering from last week’s lows and trending higher.
With Ethereum fully transitioning to a proof-of-stake network, there has been a notable increase in network activity, particularly following the Shapella hard fork in April 2023.
According to Etherscan data, investors have staked more than 21.9 million ETH, representing a value of over $40 billion to date.
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