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- Rocket Pool accounts for 2.44% of the contributors to Ethereum Staking.
- At the time of writing, Ethereum’s price fluctuated between $2,115 and $2,130.
- A subsidiary of Coinbase is involved in Rocket Pool’s Oracle DAO.
Following the Ethereum Shanghai Upgrade, the second-largest cryptocurrency surpassed the $2,100 mark. During this ETH activity, RPL, the native DeFi token of the Ethereum staking protocol Rocket Pool, surged by 20% within a mere 12 hours.
Data from TradingView indicates that the RPL/USDT spot reached $53.95 on the leading crypto exchange Binance at 03:59 UTC.
Importantly, Rocket Pool maintains a significant position in Ethereum staking. According to on-chain data from Nansen, 2.44% of the ETH depositors who staked their Ether on the Beacon Chain utilized this staking protocol. Lido Finance held the largest share with 31.2% of depositors, while other notable metrics showed the dominance of Kraken (7.01%), Binance (5.66%), and Coinbase (12.7%).
Rocket Pool (RPL) Price Chart (Source: TradingView)
The chart above illustrates that RPL’s price action remained above the 50-day moving average (50MA), indicating the token’s current bullish trend. Additionally, at the time of analysis, the chart recorded RPL’s relative strength index (RSI) at 66.50, suggesting a neutral state, although a potential upward movement could lead to an overbought condition. This may signal a zone of selling pressure and a possible trend reversal.
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RPL is utilized within Rocket Pool’s staking ecosystem for three main purposes — governance, reward distribution, and user insurance. During the bullish recovery in the crypto market, the token reached a 16-month high of $56.1 in February 2023, according to CoinMarketCap. However, it is currently down by 65% from its all-time high (ATH) of 154.73, which occurred in November 2021.
Ethereum Staking and the Bullish Altcoins
The current crypto market showcases bullish rallies among various altcoins, alongside Ethereum and Bitcoin. The primary catalyst for this positive trend is the Ethereum Shanghai upgrade.
Notably, the native cryptocurrencies of protocols associated with the Ethereum network demonstrated the highest 24-hour price increases in double digits.
Leading the gainers’ list is ARB, the governance token of Ethereum L2 rollup Arbitrum, which surged over 29%. At the time of writing, it was trading at $1.55. Rocket Pool secured the second position on the list, while the third gainer was Optimism (OP), another ETH L2 rollup network token, priced at $2.64 with a 24-hour gain of 15.3%.
Additionally, the token of WOO Network (WOO), an Ethereum DEX, increased by over 14.45% in the last 24 hours, trading at 0.2811. Furthermore, two other cryptocurrencies from leading Ethereum staking protocols, Lido DAO (LDO) and Frax Share (FXS), also exhibited price increases of over 15% and 12.5%, respectively, within 24 hours.
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