Uniswap’s fork Sushiswap completely set the Ethereum market ablaze with almost $1 billion in TVL or Total Value Locked enabling the miners to rake in significant money to the tune of $50,000 in just two hours post the launch. However, the utopian moment went for a flip when the gas prices sky-rocketed compelling the ETH buyers to leave the network by selling their Ethereum tokens. But ever since the Ethereum Network founder Vitalin Buterik has categorically emphasized that Ethereum 2.0 will work upon the throughput and better TPS(Transaction Per Second) in its phase 0 launch this fall-winter, there has been a healthy flow of regular ETH users returning back to the network.
As we write this, there was a significant rise of miners and non-exchange addresses that have returned to the network with almost 50,000 ETH roughly at US$18, 200,000 added back to the mining pool.
After the September 5, 2020 incident where Ethereum fell to its lowest, there has been a considerable rise in the whales & miners accumulating ETH all over again from the first day of October. Perhaps, it is ending up as the best time to buy ETH after the market sentiments are again building up. It is going to be good news for those investors who have sided up with ETH even when the market was increasingly turning volatile for the token. The selling side of ETH deposits to the network has hugely shrunk in the span of just 25 days ever since the black day of September 5, 2020, from 55,027 on September 1 to a 3-month low of 23,821 on September 28, which is showing a significant -56.7% decline, a positive sign nonetheless to help the token again recover before the real phase 0 launch of Ethereum 2.0 begins by the end of 2020. Even the transfer of ETH to known wallets has also declined from 298,000 to 80,350.
All of these things have shown strong community support for ETH even-though a lot was said that it will not be scalable and ETH killers like Polkadot and Avalance could completely bring out the ETH bubble-burst all over again as it happened in 2016.