Ethereum 2.0, Ethereum’s network upgrade, has received overwhelming approval from the ETH community. According to recent data from Etherscan, one of the leading block explorer and analytics services for Ethereum (ETH), the deposit contract of ETH 2.0 now has approximately $28 billion in ETH staked.
Almost 7.94 million Ethereum tokens have been staked under the ETH 2.0 deposit contract. The most recent price increase in the world’s second-largest digital asset has played a significant impact in the rising valuation of the Ethereum 2.0 staking contract. ETH has had a significant surge in the last three weeks, with the price rising from $2,700 on September 22 to over $3,650 on October 8.
The Ethereum 2.0 staking contract reached 6.5 million coins in August 2021. In the previous eight weeks, the ETH community has placed approximately 1.5 million tokens in the ETH 2.0 staking contract. During the same time period, the total value of the deposit contract increased from $20 billion to $28 billion.
The supply of the world’s second most valuable digital asset is dwindling at leading cryptocurrency exchanges. Cold wallets are used by ETH whale accounts to store their valuables. As a result of the scarcity of Ethereum, its price is growing. “The top ten non-exchange whale addresses in Ethereum continue to rise, while the top ten exchange addresses continue to shrink.” “The ratio between the two has shown indications of being closely related to price, and this rise in ratio continues to be a favourable indicator for bulls,” crypto analytics site Santiment tweeted.
ETH whale activity has also increased significantly in recent days. According to Whale Alert, a huge ETH address transferred 30,000 coins worth more than $105 million from cryptocurrency exchange Bithumb to an unknown wallet. The aforementioned transaction took place on October 13th, at 3:18 p.m. UTC. Etherscan was used to record the transfer.