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Largest Ethereum Wallets Hold Almost 50 Trillion Shib Tokens

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Shiba whales currently own 48 trillion tokens, and it might be a good thing for the market.

Whales are usually those individuals who manage trends on the markets by moving their large chunks of capital into one coin or another. In the cryptocurrency industry, the high percentage of whales has usually been considered good for a coin due to the absence of selling pressure at the beginning of each rally. In the case of Shiba Inu tokens, whales own almost 50 trillion tokens. Here’s what it means for the token.

With the holder count of the Shiba Inu network coming even closer to 1 million holders, some whales are dropping their holdings and “tethering” out. But according to general market activity, the reason whales have exited their positions is the general cryptocurrency market correction rather than Shib’s performance.

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Besides some large investors exiting the Shiba Inu market, there are still some whales who are willing to enter the token—to the tune of around 1,000% growth this year. Previously, U.Today reported that an anonymous wallet withdrew $36 million worth of Shiba Inu tokens.

Currently, the top 1,000 biggest Ethereum wallets hold 48.8 trillion Shiba Inu tokens, which form approximately 400% of the current daily trading volume. At the same time, whales are not looking forward to selling since no major sell orders have been tracked on any exchanges.

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Shiba Inu lost more than 50% of its value and fell below $0.00004, now trading at $0.000039 after losing another 6% of the price. But according to the community activity around the coin, a lot of market participants are unwilling to leave the coin behind, with social volume staying around average since the most recent token’s ATH.

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Crypto Whale

Whales dominate DEXs as high Ethereum fees keep retail investors at bay

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Decentralized finance (DeFi) came into existence to democratize finance, much like the internet made content accessible to everyone.

However, according to digital assets data provider Kaiko, the adoption of decentralized exchanges (DEXs) that facilitate peer-to-peer transactions without an intermediary, remains restricted mainly to large traders or whales.

“Average trade sizes have increased on all DEXs over the past few months while the actual number of trades has stayed flat, which suggests that the profile of the average trader now skews more whale,” Kaiko said in a weekly research note published on Monday.

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The average trade size on Curve Finance ranges from $500,000 to $1 million, while deals on other prominent DEXs like Uniswap V3, Uniswap V2, SushiSwap, and Balancer V1 average between $10,000 – $20,000. That’s nearly ten times larger than the average trade size of $2,000 – $4,000 seen on centralized exchanges (CEXs).

However, daily trade count on CEXs tallies into millions while major DEXs process less than 50,000 deals per day, with Curve and Balancer V1 averaging less than 1,000 traders per day.

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Kaiko analysts attributed whale dominance to high transaction costs on , the world’s largest smart contract blockchain.

“The large trades are likely due to Ethereum’s high transaction fees, which prevents more retail traders from using DEXs,” Kaiko’s weekly research note said. “Every trader on a DEX must pay Ethereum transaction fees for each trade, which frequently surpass $100 due to congestion and scalability issues.”

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According to blockchain analytics firm Chainalysis, DeFi’s growing popularity in wealthier countries is the main reason for DEXs processing much larger transactions than centralized platforms.

While several smart contract platforms facilitating cheaper and faster transactions like Binance Chain, Solana, Polkadot, Avalanche have emerged over the past 12 months, Ethereum still leads the pack.

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Ethereum

Ethereum Price Prediction: ETH Could Make A 15% Upswing To $5,180

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Ethereum (ETH) is trading 6% below its November 10 all-time high (ATH) around $$4,859 on Coinbase. The Ethereum is 4% lower on the day and still trades below the ascending parallel channel. At the time of writing, Ethereum price teeters at $4,521 and appears ready for a significant upswing as seen on the daily chart.

Ethereum Price Ready For A Santa Clause Rally

From a technical outlook, ETH/USD appears ready for a significant move upwards to new price discoveries. The only move that Ethereum bulls should focus on is overcoming the immediate resistance at $4,579 embraced by the lower boundary of the rising channel.

A breakout above the aforementioned level will place Ethereum price back into the confines of the rising channel. Sustaining the price action within the channel by recording a series of higher highs and higher lows will see ETH price eventually rise to tag the target of then prevailing chart pattern $5,180, a new record high. This would represent a 15% upward move from the current price.

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However, ETH will meet significant resistance from the $4,868 level where the middle boundary of the rising channel coincides with the November 10 ATH.

Several technical indicators validate this positive outlook. To begin with, the upsloping moving averages and the upward movement of the Relative Strength Index (RSI) indicator shows that the ETH is comfortably in the hands of the bulls.

In addition, the Parabolic SAR and the Movign Average Convergence Divergence (MACD) indicator have sent a buy Ethereum signal on the daily chart. This happened on November 30 when the Parabolic SAR flipped below the price and the MACD line crossed above the signal line validating Ethereum’s bullish thesis.

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ETH/USD Daily Chart Live Chart

Ethereum price daily chart

Moreover, on-chain metrics from IntoTheBlock’s In/Out of The Money Around Price (IOMAP) model shows that Ethereum faces relatively weak resistance upwards. From the Ethereum IOMAP chart it can be seen that the immediate support around $4,308 embraced by the 50-day Simple Moving Average (SMA) is within the $4,250 and $4,384 price range where aporoximately 3.53M ETH were previously bought by roughly 1.64M addresses. This support is robust enough to absorb any selling pressure thrreatenin  to pull Ethereum price below this point.

Ethereum IOMAP Chart

Ethereum IOMAP Chart
Ethereum IOMAP Chart by IntoTheBlock

The same IOMAP chart reveals that the path with little resistance for ETH is upwards adding credence to the bullish outlook.

Looking Over Then Fence

On the flipside, the RSI is displaying a negative divergence to the Ethereum price movement as seen on the daily chart. This implies that the bears have not given up on pulling the ETH price down, perhaps due to continued profit taking and uncertainties around the new Omicron Covid variant and the significantly hawkish tapering remarks from the Fed Chair Powell.

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Therefore, sliding below the 50-day SMA support around $4,308 would trigger massive sell orders that could see ETH plunge towards the $4,000 level or the 100-day SMA at $3,162.

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Crypto Analyst Nicholas Merten Makes Massive Ethereum Prediction for End of Bull Cycle – Here’s His Target

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Prominent crypto analyst Nicholas Merten says that top smart contract platform Ethereum (ETH) may grow another 325% before the current bull cycle comes to an end.

In a new strategy session, the host of DataDash tells his 458,000 YouTube subscribers what he thinks it will take for Ethereum to eventually smash the $20,000 level.

“If everything goes perfect for Ethereum, if we get that opportunity to be able to get ETH to launch properly, people using roll-ups, whether it be zero-knowledge roll-ups or optimistic roll-ups, generally ‘layer-2 solutions,’ we could see a $20,000 Ethereum this cycle. I know it sounds crazy but when you look at the logarithmic chart we’ve seen these kinds of percentage returns before.”

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Rollups are solutions that execute transactions outside the main Ethereum chain, but record transaction data on it. The two types of roll-ups are zero-knowledge (ZK) rollups and optimistic rollups.

The closely followed analyst says that if Ethereum maintains solid fundamentals, a rally to the $20,000 may not be as overly optimistic as it sounds. He notes that such a gain would only be about half of what ETH achieved in the first five months of 2021.

“I think it’s very reasonable we could see this kind of price level. Somewhere between our neutral and optimistic target. To play it safe, I would say that we’ve got a really solid steady stream of price action for Ethereum ahead of us. The key thing to understand is that there are periods of this cycle where Ethereum outpaces Bitcoin, which makes these higher targets reasonable.”

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Ethereum is currently trading for $4,685 at time of writing, up 7% over the last week while Bitcoin has remained almost completely sideways in the same timeframe.

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