Updated: Sep 9
DeFi Crash analysis shows interesting movement
As you can see the market seems overvalued by tokenizing Ethereum. This is only a little short compared to a tokenization over hundred of millions in the so-called "tokenomy".
In real there hundreds of zombi companies who can easily cash out in seconds more than 45% of the whole value just by announcing they have to stop running services on top of high gas fees.
An underestimated danger is also in fact, everyone can still participate in an ETH future contract. Many people do not realize that ETH is, just like BTC, a victim of jump and dump games by big investors. The question is, will Ethereum fulfill their own promises to a new society before they have been sold out? Time will show.
Addresses dumped more than 1 million tokens. Until a few days ago, Ethereum’s price was on a roll and the second biggest crypto by market cap increased to a 2-year high at $490. With a bull run like this one, the community wondered how long will it take for the second-biggest cryptocurrency to surpass $500.
The situation reversed right after and instead of reaching another high, ETH started losing value instantly. The asset broke below the $400 before hitting a bottom at about $310 and lost about 35% at the same time. The data compiled from Santiment reveals that Ethereum whales sold off their coins and are ahead of the curve as the ETH price started speeding up towards its recent high as the top 100 exchange addresses started disposing of their tokens.
Read the full report here.