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Whales Are Buying Ethereum Like Crazy Amid ETH Price Drop

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  • Amid notable drop in Ethereum’s price, prominent market whales are actively buying Ethereum like crazy.

In the midst of heightened global tensions, the cryptocurrency market witnessed a significant downturn, with the TOTAL index plummeting by a staggering 17% over the weekend, marking a loss of nearly $430 billion in market capitalization. 

While this turbulence affected all digital assets, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, took a notable hit, experiencing an 18.43% decline, reaching a low of $2,852 per Ethereum.

Bitcoin and Ethereum ETFs Officially Approved In Hong Kong

However, amid the market chaos, a fascinating trend emerged – prominent players in the crypto sphere, often referred to as “whales,” showed unwavering confidence in Ethereum’s potential. Notably, large addresses were observed accumulating substantial amounts of ETH during the price drop. 

See Also: Crypto Whales Sold Holdings Before the Market Crash

Whale Activities

One such whale, identified as “0xE34,” seized the opportunity to accumulate 1,000 ETH, worth approximately $3.15 million, from Binance at the market’s lowest point. 

This particular address went on to accumulate an impressive 8,300 ETH, valued at around $25.12 million.

Furthermore, another significant player, a wallet associated with Matrixport, made a decisive move by withdrawing 16,300 ETH, amounting to a staggering $51.1 million, from Binance amid the market turmoil. 

This wallet has been consistently withdrawing ETH from exchanges since March 29, accumulating a total of 67,286 ETH, valued at approximately $228.33 million, at an average price of $3,393.

Matrixport, a prominent player in the crypto financial services sector, has been actively involved in facilitating digital asset management and trading for institutional and retail investors globally.

These substantial purchases of Ethereum during a period of market instability highlight the confidence of several major players in the potential of the leading altcoin. 

Despite geopolitical uncertainties and market volatility, Ethereum continues to maintain bullish sentiment among key holders.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Press Release

When Can Dogecoin (DOGE) Double in Price? Analysts Weigh In

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  • The price of Dogecoin (DOGE) is up 10% in two weeks. Analysts see potential for further gains if it breaks resistance at a certain level.
  • Some essential indicators, such as the RSI ratio, suggest potential for a rally in the short term.

Is DOGE Ready to Soar?

The biggest meme coin in terms of market capitalization – Dogecoin – remains one of the hottest topics in the cryptocurrency sector due to the substantial number of DOGE investors. 

Its price currently hovers at the $0.165 mark (per Coinstats’ data), a 10% spike on a two-week scale.

DOGE Price Chart | Source: Coinstats

 

Multiple analysts believe the uptrend could continue should important price levels be overcome. One person sharing that thesis is the X user, Ali Martinez. 

He claimed that DOGE faces “significant resistance” between $0.166 and $0.171, where 75,000 addresses have accumulated approximately 10 billion assets. 

“However, once this barrier is overcome, DOGE has the potential to double, with the next key resistance around $0.322,” he assumed.

Dogecoin crossed the aforementioned zone a few days ago, and it will be interesting to see whether it can do that again in the following days.

The Crypto Dog and Nebraskangooner also gave their two cents on DOGE. The former acknowledged that the meme coin is “slow and boring” compared to recently emerged cryptocurrencies but maintained it still has a chance to shine. 

“Should be some exciting days ahead, and reckon it will outperform Bitcoin,” the analyst predicted.

Nebraskangooner was bullish, too, forecasting a “meme-pump action soon” as long as DOGE stays above the major resistance zone of approximately $0.16.

What Signals About an Incoming Rally?

One important metric that hints at whether DOGE might experience a price increase in the short term is the exchange netflow. 

Outflows have surpassed inflows in the past 24 hours (according to IntoTheBlock), showing a shift from centralized platforms toward self-custody methods. 

This is considered bullish since it reduces the immediate selling pressure.

Another indicator worth observing is the DOGE Relative Strength Index (RSI). The technical analysis tool is used to measure the magnitude of recent price changes to evaluate overbought or oversold conditions in the market. 

It ranges from 0 to 100, with a ratio above 70 suggesting the asset might be poised for a pullback. The latest data shows that RSI stands at around 49.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN





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Crypto Bridge Protocol, LayerZero, Connects to Solana Blockchain

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Crypto bridging protocol LayerZero is set to expand to the Solana blockchain on Wednesday, adding another route for crypto assets transferring between the Ethereum world and its largest singular competitor.

Crypto holders on Solana will be able to move their assets to Arbitrum, Ethereum, Polygon and the 70 other chains it links to – and vice-versa, Layer Zero Labs, the company developing the bridging protocol, said.

LayerZero is a so-called bridging platform: a messenger between blockchains that don’t naturally communicate with each other. 

Its users moved $6.7 billion worth of cryptocurrencies in the first quarter of 2024, generating $11.5 million in revenue, according to research outfit Messari.

Private venture investors valued LayerZero Labs at $3 billion in a major funding round announced in April. The protocol is expected to issue its own token shortly.

Solana, whose native token $SOL is the fifth-largest cryptocurrency by market cap per Coinstats, has three other major bridging protocols that link it to the far-larger Ethereum ecosystem, most notably Wormhole.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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ZKasino Reopened Bridge, Gives Users 72 Hours Retrieve Ether

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  • Zkasino has reopened its Ether bridge to users, giving users 72 hours to retrieve their Ether from the platform.
  • Users can bridge back deposited ether at a 1:1 ratio.
  • Those bridging back to Ethereum will forfeit their reward allocation.
  • More than 10,000 users deposited $33 million to ZKasino last month.

Aggrieved users of Zkasino have been given a 72-hour window to bridge back their ether (ETH) after waiting for over a month.

In a blog post, ZKasino explained that deposited ether can be bridged back at a 1:1 ratio for those who do not want to participate in the conversion to ZKAS, the platform’s native token.

The post added that those bridging back to Ethereum will “forfeit their bridge reward allocation.”

Last month, more than 10,000 users deposited $33 million worth of ether to ZKasino to earn ZKAS. The deposits were made on the premise that the ether would be “returned” once the bridging period was complete.

However, ZKasino then stated that all deposited funds would be converted to ZKAS, leaving users dismayed over the undisclosed conversion. 

Speculation mounted further after as on-chain data revealed that ZKasino had sent the $33 million worth of deposits to staking platform Lido.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

#Binance #WRITE2EARN



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