The Ethereum (ETH) price has fallen to the $1,550 mark, down about 5% in the last 24 hours and a 1.5% loss over the last week.
While ETH’s total market capitalization fell below the $200 billion mark, on-chain intelligence and analytics platform Santiment points to an increase in the second-largest cryptocurrency’s social dominance.
According to the data, ethereum investors turned a profit on Jan. 1, “heralding (the) peak perfectly.” According to Santiment, the daily on-chain transaction volume ratio for profit and loss was around 0.866 ETH on Jan. 24.
However, Ethereum’s social dominance has increased tremendously in the past four weeks. According to the on-chain intelligence platform, it reached 21.04% on January 24, indicating FUD. In simple terms, 21% of cryptocurrency-related conversations on social media platforms contain an ETH-related term.
According to Santiment data, the last rise in ethereum’s social dominance had a sudden move on December 30, 2022, when ETH was trading at the $1,200 mark.
“This FUD could benefit prices in the medium term.”
Santiment on ethereum on Twitter
Additionally, the number of ethereum wallets holding more than 32 coins has dropped to a one-month low, falling to 129,980 addresses, according to on-chain data provider Glassnode. The last time this number saw a drop was on January 23, showing consecutive downward moves.
On-chain data from Glassnode shows that the ETH exchange flow is negative $49.8 million. According to the tweet, $373.8 million worth of ethereum was deposited on the exchanges, while $423.7 million was withdrawn from the asset.
