Category Archive : Ethereum

FTX Token Becomes Second-Largest Holdings Among Ethereum Whales

FTX Token has now become the largest token holding among the top 100 Ethereum whales, second only to their ETH holdings. These whales have always been bullish on the cryptocurrency but have mainly ramped up their holdings in the past few months. The pattern of accumulation suggests that these whales are moving out of favorites such as Shiba Inu and have been moving into FTX Token. This looks to be the case given how much these whales hold.

FTX Token Makes Up 20%

With the recent ramp-up of their holdings, FTX Token is now the largest token position by dollar value for the top Ethereum whales. It is important to note that these whales tend to follow the same pattern of buying and as such, their holdings tend to match up. FTX Token which has been featured on the list had been grappling for the spot with meme coin Shiba Inu. However, with the new developments, it has even beaten out the USDC holdings of these whales.

Related Reading | Shiba Inu Holdings Of Ethereum Whales Decline Almost 50%

Previously, after ETH, the stablecoins have been the largest holdings of these whales. But the Terra UST crash had caused a lot of skepticism among investors and it looks like the whales were not left out of this. FTX Token tokens now make up 20.03% of the holdings of ETH whales. This puts the dollar value at nearly $1 billion. While USDC now makes up only 17.66% of their total holdings at $843.6 million.

FTX price resting above $30 | Source: FTXUSD on TradingView.com

Shiba Inu which has previously dominated the largest position by dollar value now sits behind FTX Token and USDC. The meme coin now makes up 11.73%. Its dollar value is sitting at $560.59 million, almost 50% down from its value at the start of the month.

What Are Ethereum Whales Buying?

Even though the value position of stablecoins seems to have dropped, it doesn’t mean that these whales have given up on these tokens. This is evidenced by their top 10 purchases in the last 24 hours which is topped by the USDC stablecoin.

Whales have purchased an average of $161,969 USDC in the last 24 hours, making it the most purchased token for the time period. This puts the stablecoin ahead of ETH which has seen an average amount of $130,405 purchased in the past day. BUSD marks third on the list with $106,937 on average, while USDT came out fourth place with $70,539 on average.

Related Reading | Another Stablecoin Takes A Bow Following UST Crash

What this indicates is that ETH whales…

Read more at bitcoinist.com

Milady Maker Twitter Storm and GameStop’s Ethereum Wallet

  • Milady Maker founder apologizes over “toxic baggage”
  • Chinese citizens mint NFTs to beat censorship

Profile picture NFT project Milady Maker is causing a stir on Twitter after its ​​founder was called out for controversial tweets and a shady internet history. Anonymous online collective Remilia created the Y2K Tokyo street fashion-inspired avatars that sold for an average price of $6,000 in April.

The collection has seen consecutive losses in the past few days as Remilia’s CEO, Charlotte Fang, also known as Charlie, stepped down from the project. When crypto Twitter accused Fang of being tied to an account named “Miya,” associated with hate speech and cults, the founder initially denied it. On Saturday, however, Fang confessed to being Miya and apologized for trying to hide its “toxic baggage.”

It is unclear what the true story behind Remilia and Milady is, but one Twitter user, @0xngmi, claims to have “proof” of the allegations against Miya. The user posted a thread on Sunday night compiling their theories, which quickly spread over Twitter and caused a number of holders to dump their Miladys. 

Buterin vs. Bored Apes 

Ethereum co-founder Vitalik Buterin recently published a Twitter thread expressing his conflicted feelings about Web3 and Ethereum use cases that may “contradict” his values. 

Among those contradictions is a “dislike of many modern financial blockchain ‘applications’ ($3M monkeys etc), and my grudging appreciation for the fact that that stuff is a big part of what keeps the crypto economy running,” Vitalik wrote. 

His reference to Bored Ape Yacht Club (BAYC) NFTs (non-fungible tokens) as “$3M monkeys” incited many users to respond. @just1n_eth called on Buterin to “respect” Bored Apes, “instead of…

Read more at blockworks.co

Two Ethereum Challengers Gearing Up for Rallies As Crypto Looks Turbo Bullish: Top Analyst

A widely followed crypto strategist and trader believes that two of Ethereum’s (ETH) biggest challengers are likely to pull off rallies in the coming weeks.

Pseudoymous analyst Pentoshi tells his 553,200 Twitter followers that he’s keeping a close watch on smart contract platforms Solana (SOL) and Avalanche (AVAX).

According to the crypto analyst, both AVAX and SOL are poised to launch relief rallies after the two ETH rivals respected a key support area.

“I totally understand the macro backdrop. Was probably first to post about it in November. But I also am turbo bullish for the next zero to two weeks. I feel better about this market than I have in six months…

This week has mostly been consolidation off the low wicks. We did get the initial reactions for strong bounces. I still believe from experience reflexivity is a thing. And next week that is realized. I will be bidding AVAX and SOL again.”

Source: Pentoshi/Twitter

At time of writing, SOL is changing hands for $52.48, up almost 4% in the past day.

Image
Source: Pentoshi/Twitter

AVAX is currently trading at $31.65, up nearly 6% in the last 24 hours.

Looking at Bitcoin, Pentoshi believes that BTC will move against overall trader sentiment in the coming weeks and rally to his target at around $36,000.

“Red: How crypto Twitter now perceives how BTC trades in the next month.

Green: How it really trades the next month.”

Image
Source: Pentoshi/Twitter

Bitcoin is currently valued at $30,105, up over 2% in the last day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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ENS Crypto Climbs Higher as Ethereum Name Services Posts Record Revenue

  • Ethereum Name Service’s (ENS-USD) ENS crypto is on the rise as the company passes a major milestone
  • Already, ENS is surpassing its monthly revenue record
  • The service has become a popular way to secure personalized Ethereum (ETH-USD) domains and wallet addresses

Source: Shutterstock

Ethereum Name Service (ENS-USD) is in the spotlight today as it reaches a new milestone. The platform, which is quickly becoming one of the most popular services in the blockchain space, is shooting past a previous revenue record. The news shows how the desire for a more personalized blockchain experience is growing.

Ethereum Name Service, or ENS, seeks to eliminate the long, randomized wallet addresses that are currently the norm. There are several issues with these types of wallets. Mostly, they are very difficult to distinguish or remember. Many platforms have failsafes in place to prevent typos from inflicting losses on users. However, it is still annoying to keep track of long strings of numbers and letters.

The company corrects this issue by allowing users to create custom Ethereum wallet addresses. This allows users to slim their address from the typical string of random characters to a simple “firstname.eth” address. Users keep their usernames across networks as well. They don’t have to make a new one each time they go to a different platform. Moreover, the project provides developers with the opportunities to take “.eth” domain names, making it a savvy Web 3.0 player to boot.

ENS Crypto Prices Rise as Ethereum Name Service Shatters Monthly Revenue

Today, eyes are on the ENS crypto as it sees a price boost to the tune of 11%. This is due in large part to ENS shattering through its single-month revenue record with plenty of time left in the month.

Indeed, ENS is reporting revenue of over $8 million for the month of May 2022, with a week to spare still. Moreover, it is breaking a traffic record, with 160,000 unique users utilizing the network this month. According to Decrypt, the traffic is due to OpenSea‘s ENS transaction picking up significantly. In the last 30 days, ENS swaps on OpenSea have generated over $34 million.

The one-month records are reflective of a broader adoption of the company’s services. Users minted over 300,000 new domains and addresses in May. Plus, 13,000 users renewed existing names. One developer says that the network has “reached a critical mass of awareness and adoption.” Indeed, ENS is likely to continue its…

Read more at investorplace.com

Ethereum Classic Breaks From This Pattern: Here’s How To Plan Your Entries, Exits

Ethereum Classic ETC/USD was soaring up almost 15% higher at one point on Monday in bullish continuation of a break up from a falling channel pattern in which crypto has been trading since March 27.

The pattern is bearish for the short term but can be bullish down the road.

  • For bearish traders, the “trend is your friend” (until it’s not) and the stock is likely to continue downward. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline.
  • Bullish traders will want to watch for a break up from the upper descending trendline, on high volume, for an entry. When a stock breaks up from a descending channel, it’s a powerful reversal signal and indicates a rally is likely in the cards.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

The Ethereum Classic Chart: On Sunday, Ethereum Classic broke up from its falling channel pattern but made few gains due to lower-than-average volume. On Monday, the pattern became recognized and traders and investors piled into the crypto, which brought in momentum.

  • As of press time, Ethereum Classic’s volume was measuring in at about 202,000 on Coinbase compared to the 10-day average of 126,086. Higher-than-average volume indicates there’s a renewed interest in the crypto after a long-term lull.

Ethereum Classic also confirmed an uptrend Monday by rising above the most recent high of $22.83 that was printed May 16.

The most recent higher low was printed on May 19 at $19.50, and when Ethereum retraces lower to possibly print its next higher low above that level, it may provide bullish traders who aren’t already in with a position a solid entry point.

If Ethereum Classic closes the 24-hour trading session with a long upper wick, the crypto will print a shooting star candlestick, which could indicate lower prices will come Tuesday. If the crypto closes the trading day near its high-of-day price, it will print a bullish Marubozu candlestick, which could indicate higher prices are in the cards.

  • Ethereum Classic has resistance above at $24.58 and $27.67 and support below at $20.45 and $15.27.

See Also: How to Read Candlestick Charts for Beginners

Read more at www.benzinga.com

Ethereum Miner: “I’m About To Shut Down The Rigs”

vjkombajn / Pixabay

Ethereum (ETH) has suffered the impact that the market reported in mid-May. Several miners are seriously thinking about turning off their mining rigs since they are making just over $15 a day —not enough to see profit.

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Joaquin Leal, a crypto miner, has been in the business for over a year and has been recording his experience in videos found on his YouTube channel. He warned that he was reaching the “endpoint” of his mining operation in the most recent video post.

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Q1 2022 hedge fund letters, conferences and more

London Value Investor Conference 2022: Chris Hohn On Making Money And Saving The World

business activist 1653311320Chris Hohn the founder and manager of TCI Fund Management was the star speaker at this year’s London Value Investor Conference, which took place on May 19th. The investor has earned himself a reputation for being one of the world’s most successful hedge fund managers over the past few decades. TCI, which stands for The Read More

Leal, who has his rigs sitting in his garage, is currently making about $50 a month from Ethereum mining.

If the costs of electricity —the raw material of the activity— are subtracted from that, there is a daily profit of just $17 on average or about $527 per month.

“This crypto-mining journey has been very entertaining, I have been mining for a year and a half, and I have learned a lot. It is not a farewell video or anything, I will continue mining even if I make one dollar a day,” he said in the video.

However, he says, things are reaching a tipping point due to Ethereum’s and other cryptocurrencies’ drop in price.

Ethereum’s Migration

“The problem is that I am reaching that limit. That’s how it is,” Joaquín says.

“I am reaching my limit, where I am going to have to make a drastic decision to turn off the rigs or continue mining, even if I am making losses.”

Leal points out that the current situation of his operation —which has a hash rate of 2.3 GH/s— is enough for him to “survive.”

Leal attributes the profitability crisis to the rise in difficulty and the low prices faced by all cryptocurrencies, which have already been in the red for several weeks.

According to data from 2Miners, the difficulty of Ethereum mining is around 14.56 and the hash rate, which is the computing power of that…

Read more at www.valuewalk.com

Can GameStop Take on Robinhood With Its Ethereum Wallet?

Apparently, GameStop  (GME) – Get GameStop Corp. Class A Report chairman Ryan Cohen finally got that ice cream machine working.

After announcing its interest in cryptocurrency in a shareholder letter last year, GameStop launched a self-custodial Ethereum wallet in beta mode. Users can receive, sell and store cryptocurrencies with a wallet similar to an offering from MetaMask. The wallet, which is available for download as an extension on Google Chrome, features “fast and fairly priced transactions” on Loopring Layer 2.

Read more at www.thestreet.com

Canadian Search and Rescue Organization Starts Accepting Bitcoin ($BTC) and Ethereum ($ETH) Donations

A non-profit volunteer-based search and rescue organization that provides support for the unpaid professional ground search and rescue community, the British Columbia Search and Rescue Association (BCSARA), is now accepting donations in Bitcoin ($BTC) and Ethereum ($ETH).

The organization announced it’s accepting donations in the top two cryptocurrencies by market capitalization on social media, where it detailed the cryptoassets will be accepted through CanadaHelps, the largest donation and fundraising portal in the country.

CanadaHelps, the announcement details, is partnering with CarbonX to “supply an initial 100 carbon credits to offset MtCO2wq of carbon emissions.” The firm is reportedly going to be purchasing carbon offsets on an ongoing basis to cover the emissions of every cryptocurrency transaction it processes.

The announcement adds:

The minimum donation must be $100 or more as this ensures every cryptocurrency donation made using CanadaHelps is carbon neutral and results in a meaningful charitable gift.

Upon receiving cryptocurrency donations, BCSARA is set to immediately convert the funds back into fiat currency to avoid price fluctuations. The organization, founded in 2002, has delivered assistance, training, and equipment to thousands of volunteers throughout the world.

The organization’s move comes shortly after the Wikimedia Foundation, the organization behind Wikipedia, decided to “discontinue direct acceptance of cryptocurrency as a means of donation,” after accepting crypto donations since 2014.