Ethereum kits have shown a surge in activity over the past few days, making nearly 2,600 transactions worth more than $1 million each on May 12 alone. This is the highest number of such transactions in a day since January of this year.
The company noted that this increase in activity came amid a market correction that caused confusion throughout the crypto space. For example, Ethereum was worth $3,000 before May 5, then it suddenly dropped by $300 in a matter of minutes. In the following days, the situation only got worse, and ETH had to struggle to stay above $2,000.
The day before yesterday, that psychological support line also gave up, and ether fell to $1,700, which was its lowest price since last April. However, already ETH has recovered above $2,000.
On May 2, Santiment reported that large investors in Ethereum began aggressively accumulating ETH after four months of inactivity. The market research firm reported that organizations holding between 1,000 and 10,000 ETH added a total of 142,000 ETH to their assets, which was about $407,415,040 at the time.
The Ethereum ecosystem is preparing for a major event called The Merge, in which the blockchain will adopt the Proof-of-Stake consensus algorithm instead of the oft-criticized Proof-of-Work.
According to Ethereum.org, the total number of ETH in stacking at nearly 400,000 validators is now more than 12,500,000 coins. In addition, the ecosystem continues to implement a burn program, which has a significant impact on the market price.