Ethereum whales are taking profits, according to the on-chain analytics platform Lookonchain. Analysts and experts say they are seeing bullish signs for 4 altcoins.
Ethereum whales profit as ETH hits $1,904
An Ethereum whale deposited 23,080 ETH worth approximately $44 million on Binance just 20 minutes after the ETH price surged above $1,904. This move shows major holders starting to take profits amid Ethereum’s recent upswing. The whale’s average withdrawal price for Ethereum is around $1,820. This is well below the latest peak price, a conservative approach to risk management. It also shows a preference for locking profits during periods of price strength.
Interestingly, the whale is systematically reducing its holdings in Ethereum. When the cryptocurrency experiences upward price action, it makes significant transfers of around 8,000 ETH. This model minimizes the whale’s potential market impact and volatility. It also shows that he made a strategic move to gradually liquidate some of his assets.
PawSwap (PAW) is up 40% weekly, what’s next?
PAW price is rising on a weekly basis. According to CoinMarketCap, PAW is changing hands at $0.00000001976 at press time, up about 33% on a weekly basis. Nakamura says that this huge price increase is mainly due to the staking mechanism of PAW tokens, which was launched at the end of April. At that time, on May 1, over 200 trillion PAWs were locked into the staking contract in just 24 hours. These tokens have been staked for 13 weeks. According to Nakamura’s tweet, about 20% of the entire PAW supply is now staked. Staking temporarily removes coins from circulation, increasing their scarcity. Nakamura tweeted “to the moooon”, apparently as he expects the price to rise even higher in the near future.
Ethereum rival Solana sees rebound in bullish
The cryptocurrency ecosystem has opened with a positive growth rate after a turbulent weekend. Solana (SOL) has also recovered from its steady loss and is on a positive growth path. As a new week begins to take shape, eyes will be on some altcoins for the market to gain momentum, according to crypto analyst Godfrey Benjamin. Solana is among the best choices in this regard. This is because the protocol helps support the growth of the developer center while trying to deliver more real-world benefits. Dividends from developer activity will begin to emerge from this week, with an overarching impact on the SOL price.
About 40% of DOGE wallets become profitable
Trading volume is an important on-chain metric for assessing the utility and dominance of a cryptocurrency. Dogecoin’s trading volume reached $231.95 million in the last 24-hour period. Thus, it surpassed its rivals Shiba Inu and PEPE. Dogecoin’s dominance in terms of trading volume is due to the activities of whales. Major wallet addresses holding DOGE in their portfolios have consistently added more tokens to their holdings since April 3, according to data from crypto intelligence tracker Santiment.
Whales holding 1,000 to 1,000,000 Dogecoins in three different segments have gradually increased their purchase of meme coins since April 3. This metric feeds the ascension thesis for the Shiba-Inu themed entity. According to statistics from IntoTheBlock, over 42% of wallet addresses holding Dogecoin at $0.0733 are profitable. Still, 53.89% of wallet addresses are “at a loss”. So they’re sitting on unrealized losses.
The accumulation of whales, the surge in activity, and large volumes of transactions fueled the bullish thesis for the Dogecoin price. Crypto analyst Jaydee_757 has set a target of $1 for DOGE, which he describes as an upcoming bull run.
The expert suggests that long-term consolidation precedes a rally in the meme coin. DOGE price spent more than 730 days below the orange trendline in the chart below. Au therefore says a decisive break above the trendline is imminent.
In the event of a breakout, DOGE price is likely to enter the target zone between $0.7718 and $1.5000.
Pro-Ripple lawyer predicts XRP will rise to $2
The community of XRP token holders awaits the decision of the US Securities and Exchange Commission (SEC) in its lawsuit against Ripple. Pro-Ripple lawyer John Deaton is hopeful that Ripple will win. Also, the lawyer says that the XRP price is on the way to recovery. In this direction, he notes that he has set a target of $ 2 for XRP. In this context, Deaton said, “XRP is at the level of 0.48 cents. It’s crazy to think how many people who refuse to buy right now will buy over $1. What’s even crazier is that FOMO probably won’t kick in until $2.
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