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Ethereum saw some huge selling in the early trading hours of Monday as it dipped below the $2.1K mark – a 25% dip from its opening price that day.
This fall was a result of whale wallets liquidating their positions in $ETH. For instance, two dormant wallets sent $149M and $201M worth of $ETH to Bitfinex. These wallets were last active in 2019 when a withdrawal of 77,736 $ETH was made.
Aave ($AAVE) also saw some rapid liquidations during this time, totaling around $200M.
Most of this liquidation came in the loans that were secured by Wrapped $ETH ($WETH), showing $ETH’s stronghold in the DeFi and crypto lending sector. Consequently, the total value locked (TVL) in $ETH DeFi also fell from $63B to $54B.
This fall is akin to the August 2024 fall, which was triggered by the restrictions placed on the Japanese yen carry trade. $ETH dropped to a low of $2,112 back then.
However, in just 17 weeks, Ethereum made a comeback and crossed the $4K mark. So, this recent fall isn’t the end of things. It should rather be viewed as a healthy correction in the market.
The good news is that $ETH was quick to bounce back and closed above its opening price on Monday.
As the price saw a steep dip, whales swooped in to buy the liquidity. Seven Siblings bought 5,382 $ETH, whereas 1inch Investments added $7,289 $ETH to their portfolios near day lows.
Put together, whales bought a total of 50,429 $ETH during the fall. This has kindled hopes of recovery amidst long-term holders. A lot of whales have truly ‘bought the dip,’ signaling a long path ahead for Ethereum.
Solana’s Upward Journey
As Ethereum finds itself in choppy waters, Solana has been making significant progress.
Solana stablecoins doubled in market cap in January – from $5.1B to $11.4B. This huge surge can be attributed to the growing popularity of meme coins on the network.
Since Trump launched his own Solana-based memecoin, Solana’s stablecoin supply has increased by more than 73%. Interestingly, Circle’s $USDC is the most sought-after stablecoin on the chain, standing at a value of $9.25B.
This accounts for more than 80% of all the stablecoin transactions on the network.
In contrast, on chains like Ethereum and Tron, Tether’s $UDST is the most dominant stablecoin, with values of $65B and $60B, respectively.
However, Circle has been making a lot of progress to narrow down this gap. It recently went live on the Aptos mainnet.
Seeing the growth of stablecoins coupled with a meme coin boost by the President of the United States himself, it’s fair to say altcoins have a bright future ahead.
If you’re also looking for an opportunity to invest in the best meme coins, we have something perfect for you – the Best Wallet Token ($BEST).
What Is $BEST?
The Best Wallet Token ($BEST) is the in-house meme coin of the popular Best Wallet App, which is a one-stop destination for all your crypto needs.
The wallet offers access to more than 60 crypto chains, allowing you to manage all your holdings in one place.
The $BEST token is the Best Wallet App on steroids, as it unlocks some serious perks within the Best Wallet ecosystem.
For instance, Token holders can get early access to high-alpha presales, much before they go live for the general public. This allows investors to jump in early on promising altcoins.
You can find these tokens in the ‘Upcoming Tokens’ tab – coins like $PEPU and $CATSLAP were featured on Best Wallet long before they became popular among investors.
What’s more, you can also benefit from lower transaction fees as a $BEST holder.
Plus, this non-custodial platform doesn’t require KYC, making it simple and quick to get started with.
Early adopters of $BEST can also earn staking rewards with 189% APY. It’s worth noting that the developers have reserved 8% of the total token supply of 10B exclusively for this, showing their focus on long-term adoption and rewards.
Why Should You Invest in $BEST?
Besides all the token benefits you get, the Best Wallet App itself has a bright future ahead. It aims to capture 40% of the $10B non-custodial crypto wallet market share by the end of 2026.
Moreover, it has so far walked the talk, garnering over 500K total users and 250K daily active users.
The Best Wallet Token presale has also been a huge hit. Within just 14 days of launch, it managed to raise a whopping $1M. As of now, the project has raised $9M and finds itself among the best crypto presales going around.
Oh, and wait till you hear about the project’s future. The developers have a lot in the pipeline, including integration of Solana ($SOL) and the launch of Best Card for seamless crypto payments.
The project is also in talks for a partnership with apps like Staking, iGaming, Project Directory, News, and DeFi. This will truly make Best Wallet App a one-stop solution and the only crypto wallet anyone will ever need.
Currently available for just $0.02385 each, $BEST’s price is set to increase in less than 12 hours, so hurry up and buy $BEST for the lowest possible price.
Last but not least, make sure you do your own research before investing in the crypto markets, as they can be highly volatile.
Also, this article isn’t a replacement for professional financial advice, and we recommend you consult your advisor before making a move.
