Big investors are jumping ship! While Ethereum appears to be holding above the $1800 mark, data analysis shows that the number of wallets holding over 1000 ETH has fallen sharply to a low since November 2022. A new project could, however, enjoy it. Find out all the details about this presale!
The whales are turning their backs on the prince of cryptos!
The crypto community is in shock! While Ethereum is struggling to hold above the psychological mark of $1800, and most experts were expecting a strong bullish momentum on Ethereum (ETH), a recent publication has just demonstrated that the big investors are massively losing interest in the world's second-largest cryptocurrency.
GlassNode, a company specializing in analyzing cryptographic data, has just revealed on its official Twitter account that the number of wallets holding more than 1,000 ETH has reached its lowest level since the end of 2022.
6270 investors now hold over 1000 ETH in their wallets. While this number may seem gigantic, it is down sharply compared to the end of April 2023. Therefore, nearly 600 Whales (large investors) sold large quantities of tokens on the market over the past few weeks.
The activity of large investors in the crypto markets is scrutinized very closely by traders as their investment decisions can significantly influence the evolution of Ethereum prices.
The drop in trading volume also worries experts who fear that the decrease in interest from large investors threatens the stability of the price of Ethereum. Many traders also wonder about the timing of these big investors.
A new drop-in Ethereum in perspective?
It is not certain that Ethereum will suffer in the short term from a lack of interest from large investors. We can see a strong decorrelation between the evolution of the number of holders of more than 1000 tokens and the evolution of the price of ETH in the recent past. We can also notice that the performance of Ethereum (ETH) contrasts with the massive sale of tokens by large investors by outperforming Bitcoin overall since the beginning of May by gaining nearly 4.21%, against 2.33% for Bitcoin.
Ethereum (ETH) is trading for $1870, down 1.24% in the last 24 hours. Ethereum only lost 1.41% on a month-to-month scale, while Satoshi Nakamoto's currency fell 8.17%. In the short term, the technical resistance around $1888 exerts downward pressure. The price of ETH would have to cross this important threshold before it can initiate new bullish momentum.
This new project could well benefit from it!
With the strong rise in ETH prices since the beginning of 2023, it is possible that some large investors would prefer to cash in their gains after the recent price increases of Ethereum to invest in new projects.
A new project is taking full advantage of profit taking on Ethereum: it is the AiDoge presale! This presale recently raised several million dollars to finance the development of an automatic meme generator.
A revolutionary concept:
This revolutionary new project is based on two very fashionable concepts: artificial intelligence (with the automatic generation of images) and the concept of memes. The official release of several AI tools, such as ChatGPT at the end of November 2022 and the image generator developed by MidJourney, now makes automatic and on-the-fly image generation possible.
An American YouTuber anticipates a 40-fold increase in the price of the $AI token:
Crypto Smith, a famous American YouTuber, anticipates an explosion in the price of the $AI token in a video posted on his official Youtube channel. He compares the new AiDoge presale with the performance of the memecoin market, particularly the Dogecoin.
He explains in particular that with a total capitalization of 9.7 billion dollars, Dogecoin is currently the largest meme coin in the crypto price industry and that if AiDoge, with its revolutionary concept, manages to reach only 10% of the total capitalization of Dogecoin, this would multiply the value of the $AI token by 40!