The ongoing plunge of the well-known crypto token $ETH is paving the way for many exclusive developments. As per Lookonchain, a prominent on-chain analytics company, several whales are reportedly moving to see the liquidation of the $ETH tokens they hold because of the ongoing volatility.
As the price of $ETH drops, many whales are about to face the liquidation of $ETH deposited in #Aave and #Compound.3 whales deposited 28,558 $ETH($82.2M) to #Binance in the past 2 hours and sold to repay debt.https://t.co/4ynPQwessDhttps://t.co/ABzz0fceAt… pic.twitter.com/PNYtFvlnV1
— Lookonchain (@lookonchain) July 5, 2024
$ETH Whales About to See Liquidation
The analytics firm took to its official account on the social media platform X to reveal the exclusive data in this respect. Lookonchain pointed out in its exclusive X post that the potential liquidation is going to take place on a couple of popular crypto exchanges. They take into account Compound and Aave. It disclosed that 3 such whales have taken some significant steps in this regard.
The market statistics have brought to the front that Ethereum has gone through a price decline of up to 10.25%. The respective figure reportedly signifies the biggest one-day price loss since the 9th of November in 2022. The downward move also impacted the market capitalization of $ETH. In this respect, the token’s market cap currently stands at $360.89 billion. This figure denotes a dip of 17.62%.
The Whales Deposit 28,558 $ETH to Binance for Debt Repayment
In the past 24 hours, Ethereum had been changing hands between $2,896.05 and $3,108.66. Moreover, a drop of 12.95% occurred in Ethereum’s value over the recent week. In line with such factors, the above-mentioned whales deposited up to 28,558 $ETH tokens to Binance within just two hours. They additionally sold them to these tokens accounting for $82.8 million worth.