Ethereum Accumulation: Whale Addresses Are Still Buying Despite Suppressed Price Performance: Santiment

has dropped by almost 50% since the ATH. The reasons behind it are the general correction on the market, the drop in popularity of the NFT and DeFi industries and risk-off tendencies on the financial markets‌.The only fundamental reason behind the current Ethereum price plunge is the massive drop in network revenue.

After the trading volume on the largest NFT marketplace, OpenSea, halted, and the DeFi industry's TVL lost almost 20% of the funds locked, fees on the network dropped to summer 2021 levels. that Ethereum users can now make transactions on Layer 2 networks for less than $0.1. Ethereum swaps are also available cheaper than $0.2.

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Ethereum Fees on Layer 2 Dropped Significantly, As One Transaction Now Costs Less Than $0.1Following a series of DeFi and NFT hacks, more users have left the market, which caused a major drop in Ethereum's network activity and gas prices
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