Analyst: ETH at $1,800 with Only 16% Staked, Will it Soar After Shanghai?
- However, only 16% of the most popular PoS blockchain, ETH, is staked.
- The crypto community wonders what would happen if 60% ETH supply were staked.
According to recent statistics, a significant percentage of the total supply of various proof-of-stake (PoS) cryptocurrencies is being staked by users. As per a tweet by a well-known crypto influencer account, 71% of Cardano (ADA), 70% of Solana (SOL), 85% of Binance Coin (BNB) Chain, 63% of Avalanche (AVAX), and 50% of Polkadot (DOT) are staked by users.
In contrast, only 16% of the most popular PoS blockchain, Ethereum (ETH), is staked. The crypto influencer ends the tweet by asking the crypto community how much the percentage of staked ETH will change after the Shanghai upgrade — designed to enable investors to withdraw their staked rewards for the first time.
While most of the PoS cryptocurrencies rank among the top coins with the largest market share, their unique value is far more miserable compared to the Ethereum token. For example, with 71% staked, ADA trades at $0.3842, unlike ETH, which trades at $1,791.
Therefore, crypto YouTuber Lark Davis asked the community what would happen to the price of Ethereum if 60% of the supply were staking. Some crypto enthusiasts argued that nothing extraordinary would have happened. However, one user wrote:
On April 12th, we will see. There’s no need to panic as a couple of billion dollars will flow into the market again. ETH stakers are mostly professionals who are not likely to dump their holdings. A huge bull market is coming, so it would be unwise for them not to reinvest.
According to CoinMarketCap data, the price of ETH has remained relatively stable at around $1,750 over the past week, with no significant price change. Similarly, other top cryptos have also maintained their prices.