Leading altcoin Ethereum whales are on the scene again. The latest data shows that Ethereum (ETH) whales are making a big sale, while whales are concentrating on this meme coin project! So what’s next for this meme coin? Here are the details…
Big Ethereum whales have turned to this meme coin by selling their ETH!
Ethereum (ETH) has been trading well below community expectations since the Shapella upgrade. Although ETH has provided significant support at the $1,800 level, its price has yet to break past what is considered the most critical price point and has been stable at $2,000 over the past few weeks.
cryptocoin.com As we reported, Ethereum is changing hands at $ 1,833,20 with a decrease of 0.86 percent in the last 24 hours. The pressure that Ethereum experienced continued in the week to date (WTD) period. Over that time frame, the leading altcoin showed a marginal increase of 0.47% over the period under review.
Using the @ali_charts account on Twitter, the on-chain analyst pointed out a phenomenon that could be responsible for Ethereum’s continued price stagnation. According to data from Santiment, Ethereum whales holding 1,000 to 10,000 ETH have been selling their coins for the past two weeks.
During this time, data showed that a total of 100,000 ETH tokens were disposed of. While the sales transactions remain loosely undefined, the numbers are cited as proof that the Shapella upgrade gives access to more people liquidate their multi-year locked-in assets.
ETH whales focus on popular meme coin DOGE!
On the other hand, data reveals that whales selling ETH are turning to DOGE. Although the price of Dogecoin (DOGE) has fallen in the last three months and Pepe (PEPE), another meme-inspired cryptocurrency, surpassed ten in 24-hour trading volume the previous day, the number of holders has continued to rise, reaching 8 percent in the past 90 days. showed a near increase. According to data from crypto market monitoring platform CoinMarketCap on May 2, the number of unique addresses holding Dogecoin, which was 4,484,703 on February 2, 2023, instantly reached a total of 4,824,266 on the network.
In other words, DOGE gained 339,563 new owners in three months; This means an increase of 7.57 percent in this period, despite some setbacks for its price, which has fallen by 15 percent in the last 90 days, and instantly fell from $ 0.09215 to $ 0.07832 on February 2. Dogecoin price has increased by 11.42 percent since the beginning of the year, compared to its price of $0.07029 on January 1, 2023. DOGE is currently facing tough competition as new meme digital coins enter the crypto world, and cryptocurrencies like Pepe (PEPE), Floki (FLOKI), Tamadoge (TAMA), Baby Doge Coin (BABYDOGE) and Dogelon Mars (ELON) will be released in 2023. threatens to eclipse both Dogecoin and Shiba Inu (SHIB) with their possible massive growth.
The Ethereum ecosystem is growing!
When it comes to Ethereum, it has a very promising advantage due to the growth of its ecosystem. With Layer 2 protocols increasing the overall positive feeling on the network, the upcoming series of upgrades also gives confidence in the bright future of the Ethereum blockchain. Ethereum has surpassed previous forecasts so far this year. Earlier in the year, Ethereum was predicted to exceed $1,500, but the digital currency has not just surpassed this price level; eventually surpassed it.
Ethereum remains the second largest blockchain protocol by valuation and the largest by smart contract hosting. As a result, according to experts, price recession is considered a temporary event that can be reversed at any moment.
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