Why ETH Whales Are Scooping Billions Of Shiba Inu Tokens Right Now?

Shiba Inu News: Shiba Inu, the world’s second largest meme cryptocurrency didn’t get the desired gains in the year 2022 due to the multiple collapses in the market. However, recent updates coming from the Shiba Inu ecosystem have motivated and assured the community of some good times ahead amid the increased volatility in the market.

As per the report, Shiba Inu Ecosystem’s long planned Layer 2 blockchain solution, Shibarium dropped a much anticipated update. It highlighted that the Beta launch is expected to happen in early 2023.

It mentioned that Shiba Inu’s Bone ShibaSwap (BONE) token will serve as the required gas token within the Shibarium. However, this time it added that each transaction done will burn the Shiba Inu token in the process.

This recent announcement has pumped the Ethereum whales to add more Shiba Inu in their wallets. As per Whalestats, SHIB token flipped Wrapped Ethereum (WETH) for the most traded token among the top 1000 whales. Read More Shiba Inu News Here…

While a whale address named BlueWhale0159 bought 187 billion Shiba Inu token in a single transaction. The total worth of the purchase stands at around $1.5 million.

As per the data, Shiba Inu is in the top 10 list of tokens purchased by the largest 100 ETH whales in the last 24 hours. SHIB token also made it the most used smart contract by the same whales.

Data suggests that the top 100 ETH whales are now cumulatively holding $44.2 million worth of Shiba Inu tokens with them. This makes up just 2% of their total holdings.

The update from the Shibarium depicts that the BONE will be the only crypto for transactions in Shibarium. While Shiba Inu holders (which hold over 1 million SHIBs) will need to make transactions in Shibarium to burn their tokens.

With every transaction, SHIB tokens will be sent to a dead wallet. This move will help the community to lock in huge amounts of SHIB tokens which can boost the Shiba Inu price in the future.

Why ETH Price Could See Major Selling Ahead?

Amid the crypto broader market correction, the world’s second-largest digital asset Ethereum (ETH) is already down 7.5% trading under $1,200. The recent price crash has eroded all of last week’s gains for ETH.

Now, the cryptocurrency faces the risk of further downfall going ahead. Since the Beacon chain upgrades last year, ETH investors have been staking their coins with Ethereum 2.0. Now, the newly upgrade Ethereum 2.0 blockchain holds 12% of the total supply.

On the other hand, the ETH exchange reserves have dropped down to 15% of the total supply and continue to decline further. However, ETH faces a potential threat to its price as the Shanghai hardfork approaches closer, scheduled for March 2023.

This hardfork will make it possible for investors to withdraw the staked Ether with the network validators. On-chain data provider CryptoQuant explains a scenario that could lead to a mass selling in the price of Ether.

One of the most imminent questions that ETH investors have is how much ETH can be withdrawn on Ethereum 2.0. Nearly 12% of the total supply or 15 million ETH coins currently reside on Ethereum 2.0. Data provider CryptoQuant explains:

“From a short-term perspective, there are higher APY strategies than staking rewards by depositing ETH2 that might not be promised to withdraw”.

Also, let’s have a look at the change in the balances of Ethereum 2.0. Compared to the last year 2021, the total number of depositors with ETH2 has jumped by 57% this year. However, the total deposit balance has remained the same. This shows that the total balance per deposit has ultimately jumped by 133% in 2022.

Commenting on the ETH exchange reserves, CryptoQuant explains: “It may be that the balance of $ETH2 increases as the $ETH exchange reserve decreases. 18M of $ETH are held on the exchange, 15% of the total supply. However, the exchange reserve is an ongoing downtrend”.

As the supply dynamics shift after the Shanghai hardfork, ETH price volatility will be imminent.

Eth Deposit Contract Hits ATH; Will ETH Price Cross $15k?

Ethereum’s price continues to rise in the last few days, global crypto market cap is $855.36B, a 0.14% increase over the last day.

Ethereum (ETH) locked in the Ethereum 2 (ETH 2.0) smart contract has reached a new all-time high. Amid Ethereum’s price continues to rise in the last few days, currently, the global crypto market cap is $855.36B, a 0.14% increase over the last day.

Ethereum, the largest smart contracts blockchain platform in the world today, launched as a PoW network, and like Bitcoin (BTC), relies on mining for transaction processing and network security. The total crypto market volume over the last 24 hours is $37.19B, which makes an 11.22% decrease. The total volume in DeFi is currently $2.72B, 7.30% of the total crypto market 24-hour volume. The volume of all stablecoins is now $34.34B, which is 92.33% of the total crypto market 24-hour volume.

As per the glassnode report, the total value in the ETH 2.0 Deposit Contract just reached an ATH of 15,512,583 ETH. Ethereum, the world’s largest smart contracts blockchain platform today, began as a PoW network and, like Bitcoin (BTC), is dependent on mining for transaction processing and network security. Ethereum’s price and performance have been incredible in recent days, as it has crossed a few key obstacles. This move marked a period of convergence for Bitcoin, indicating the underlying strength of ETH buyers.

Currently Ethereum price in USD is $1,273.73 USD, and the 24-hour trading volume is $6,659,123,109 USD. In the last 24 hours, while writing this report the Ethereum price has dropped by 1.37%. As per the coinmarketcap data a live market capitalisation of Ethereum is $155,870,805,408 USD. It has a circulating supply of 122,373,866 ETH coins and no maximum supply. Notably, Ethereum is the world’s largest smart contracts blockchain platform today, Initially it was working on PoW network and, like Bitcoin (BTC), is dependent on mining for transaction processing and network security.

The current Ethereum price in INR is 103,314 INR. The with a 24-hour trading volume of 527,378,983,333 INR. In the last 24 hours, Ethereum has dropped 1.37%. , with a live market cap of 12,642,943,825,794 INR. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.

Following the FTX crisis, the crypto market has been filled with FUD (fear, uncertainty, and doubt). As assets fell further, crypto investors are unsure whether to buy or sell. According to reports, Ethereum fell nearly 39% in a matter of weeks.

In one month, the price of ETH fell from $1,661 to $1081 due to whale accumulations. The price declines were viewed by whales as an opportunity to increase their ETH holdings. Whale accumulations are frequently indicators of a bullish recovery in an asset. However, Ethereum’s price dropped to $1,081 at first.

Now, however, the tables appear to be turning, and Ethereum appears to be gaining bullish momentum, rising towards $1,350. Ethereum is currently trading at $1,273 per coin, with a 24-hour trading volume of$6,659,123,109 USD. The answer relies on ongoing bullish trend and for the period it remains.

 

ETH Tanks 8% Overnight As FTX Hacker Sells Ethereum Holdings

On Sunday, the FTX hacker reportedly sold over 30,000 ETH converting a large part of the holdings into Bitcoin.

The world’s second-largest cryptocurrency is under strong selling pressure on Sunday evening. As of press time, Ethereum (ETH) is trading 8.09% down at a price of $1,120 and a market cap of $137 billion.

On Sunday, November 20, reports emerged that the FTX hacker who stole $600 million from the exchange is converting his ETH stash to Bitcoin. Last week, the hacker converted all the stablecoins to Ethereum accumulating $288 million worth of ETH. Citing data from Etherscan, crypto journalist Colin Wu reported:

The FTX hacker address (0x59…d32b) is converting a large amount of ETH into BTC. Today, about 30,000 ETH has been exchanged into RenBTC, and 1070 BTC has been transferred to the BTC network.

Administrators are still evaluating the wreckage caused by FTX’s bankruptcy. The crypto firm owes a staggering $3.1 billion to some of the top creditors. Besides, there are growing concerns that more digital outfits could topple amid the recent crisis.

Last week, reports emerged that crypto lender BlockFi is preparing for a potential bankruptcy. Speaking to Bloomberg TV, Christian Catalini, founder of the MIT Cryptoeconomics Lab, said:

“The FTX issues are really an urgent reminder of the need for regulatory clarity and a real regulatory framework for crypto”. The hype and speculation over the minting and trading of tokens “has generated a massive distraction from building actual products and services that reach consumers, solve actual problems.”

Today’s ETH price correction is also the result of a broader market correction. The broader cryptocurrency market is down by 5.6% slipping under $800 billion as of press time. While ETH is down 8%, Bitcoin has also corrected over 4% slipping under $16,000.

Over the past couple of weeks, Ethereum has been severely underperforming Bitcoin. Several analysts believe that the recent market sell-off could pull the ETH price to under $1,000.

Along with Ethereum, all of the top ten altcoins have corrected between 5-10%.