The investment fund associated with 1inch, a decentralized exchange aggregator, has purchased $10 million worth of Ethereum (ETH) unexpectedly over the weekend, according to a blockchain tracker.
Ethereum in the spotlight
Lookonchain has observed that the 1inch investment fund wallet has made a purchase of 17,000 ETH, worth $26.8 million, at an average rate of $1,569 from January to March this year.
On July 5th, the fund has sold 11,000 ETH, valued at about $21 million, at a price of $1,906, resulting in a profit of $3.7 million on the sold ETH.
At the moment, Ethereum is being traded at $1,727. This crypto asset, which is ranked second by market cap, has increased by almost 5% in the last 24 hours.
Additionally, Lookonchain has reported that a wallet named dimethyltryptamine.eth has used 27 ETH valued at $45,000 to purchase 50 billion Pepe (PEPE) on Sunday.
It’s worth noting that this wallet has already gained a significant profit from the frog-themed memecoin this year. In April, it bought 5.9 trillion PEPE for only 0.125 ETH worth $251.
After selling 3.95 trillion PEPE, the trader has made a total of 2,505 ETH worth $4.7 million. The address still holds 2 trillion PEPE, which is worth around $1.8 million.
As of writing, PEPE is being traded at $0.000000889795. This crypto asset is ranked 99th by market cap and has increased by more than 3.5% in the last 24 hours.
Ethereum to see massive victory
A crypto market analyst at Bloomberg Intelligence predicts that Ethereum (ETH) will dominate the stablecoin competition.
Jamie Coutts recently shared their opinion on social media platform X, stating that Ethereum, along with its ecosystem that includes layer-2 projects like Optimism (OP), Base, and Arbitrum (ARB), outperforms other alternative networks for most network-adoption metrics.
However, Coutts did mention that transferring Tether (USDT), the most valuable stablecoin by market cap, is considerably more expensive on Ethereum compared to other networks, especially layer-2s.
Coutts also noted that ETH’s rollup-centric scaling roadmap will make L2 transactions even cheaper (10-100X) next year with EIP-4844 (proto-danksharding).
