Crypto News

Ether.fi’s Native Token ETHFI Skyrockets 46% In 24 Hours, Here’s Why

In a whirlwind of activity, Ether.fi’s native token, ETHFI, has surged by an impressive 46% in the past day, reaching an unprecedented All-Time High of $7.05.

With its market cap surpassing $800 million, ETHFI has captured the attention of investors and enthusiasts alike.

Spotonchain data reveals that significant movements have occurred among the top non-team/CEX holders of ETHFI.

Four out of the top five holders have withdrawn a total of 1.036 million ETHFI ($5.4 million) from Binance and KuCoin within the last 22 hours, showcasing substantial unrealized profits.

One notable participant, identified as Wallet 0x624, likely a market maker, withdrew 510,911 ETHFI ($2.69 million) from both exchanges at an average price of $5.27 over the past 15 hours.

This wallet had previously received 8 million ETHFI from the multisign address 0xa76, believed to be associated with the ether.fi DAO, on March 17, 2024, suggesting a strategic role in the project’s ecosystem.

ETHFI Whale Wallets Withdraws Huge Amount Of Token From Exchanges

Similarly, Wallet 0x5ea, also likely a market maker, withdrew 193.518k ETHFI ($1 million) from KuCoin at an average price of $5.174. Like Wallet 0x624, this address received a significant amount of ETHFI from the DAO multisign, indicating its involvement in market-making activities.

In addition, two other whales, Wallets 0x839 and 0x8b6, withdrew substantial amounts of ETHFI from Binance, totaling 174,800 ETHFI ($850k) and 156,833 ETHFI ($852k), respectively, further contributing to the token’s circulating supply.

Overall, these four wallets collectively hold 12.2 million ETHFI ($76.6 million), representing approximately 10.6% of the token’s circulating supply.

As ETHFI continues to experience remarkable price gains and heightened activity, market observers eagerly anticipate further developments in the Ether.fi ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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