Ethereum price plunges while its social authority hits the sky

Ethereum price plunges while its social authority hits the sky

Ethereum (ETH) price has dropped to the $1,550 mark, down by roughly 5% in the past 24 hours and a 1.5% loss over the past week. 

While ETH’s total market cap dropped below the $200 billion mark, the on-chain analytics and intelligence platform Santiment point out to rise in the social dominance of the second-largest cryptocurrency.

According to the data, ethereum investors have taken profits on Jan. 1, “foreshadowing [the] top perfectly.” Per Santiment, the ratio of daily on-chain transaction volume in profit to loss was around 0.866 ETH on Jan. 24.

However, Ethereum’s social dominance has risen massively over the past four weeks. According to the on-chain intelligence platform, it reached 21.04% on Jan. 24, indicating FUD. In simple terms, 21% of the crypto-related conversations on social media platforms contain an ETH-related term.

Per Santiment’s data, the last rise in ethereum’s social dominance saw a sudden move on Dec. 30, 2022, when ETH was trading at the $1,200 mark. 

“This FUD could benefit prices mid-term.”

Santiment on ethereum in Twitter

Moreover, the number of ethereum wallets that hold more than 32 coins has dropped to a one-month low level, plunging to 129,980 addresses, according to the on-chain data provider Glassnode. The last time this number saw a drop was on Jan. 23, showing consecutive downhill movements. 

Glassnode’s on-chain data shows that ETH’s exchange flow is negative $49.8 million. Per the tweet, $373.8 million worth of ethereum was deposited to exchanges, while $423.7 million worth of the asset was withdrawn.

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Wahid Pessarlay

Wahid is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.