ETH Whales Focus on RPL as Token’s Value Skyrockets

WhaleStats reports that Rocket Pool’s RPL is now among the top 10 most purchased tokens. It falls into this category based on the activities of the 500 biggest ETH whales in the past 24 hours. Also on the list are Uniswap’s UNI, and the SNX of the Synthetic Network Token.

RPL has been on a sustained rally since the beginning of the new year. The surge was boosted by listing on Binance, one of the largest cryptocurrency exchanges in the world. Listing on Binance is believed to have exposed RPL to more liquidity, creating an avenue for increased adoption.

RocketPool is a decentralized ETH staking protocol that is run by the community. It launched in November 2021 and became the second-largest Ethereum staking provider in just a few weeks. Ever since, the platform has continued to grow, reaching 370,784 staked ETH by 2,006 node operators, as of the time of writing.

The WhaleStats report shows that whale activity could also be playing a role in the Rocket Pool’s rising profile. Its native token, RPL, has been on a steady rise since the beginning of the year. Beginning with an opening price of $19.87, RPL has risen to $39.66 in less than four weeks. It has earned a profit of more than 100% of the original value so far this year.

Rocket Pool represents one of the factors for growing adoption in ETH staking. It lowers the barrier and allows investors with low capital to participate in the ETH staking exercise, earning a matching reward in return.

Instead of staking the minimum 32 ETH required on the Ethereum Beacon Chain, smaller investors can join the community and contribute to the pool. Doing so allows them to form a node, after reaching the 32 ETH threshold. When earnings are made, the rewards are shared among the community according to the ratio of their contribution.