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Whales Prepare Ethereum (ETH) and Chainlink (LINK) Sell-Offs While This Altcoin Claims Spotlight

3 mins
Updated by Geraint Price
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The crypto market stands on shaky ground on Thursday with a total market cap of $1.43 trillion. Top altcoins Ethereum (ETH) and Chainlink (LINK) saw modest 1% dips, bringing prices down to the $2,040 and $14.60 range. 

However, more concerning is recent on-chain data indicating that major Ethereum and Chainlink holders may be prepping sizable sell-offs, which could induce further price declines.

In a post on X, crypto analytics platform Spot On Chain reported that embattled lending company Celsius Network moved 9,600 ETH worth $19.5 million to exchanges Coinbase and OKX. Over the past 16 days, Celsius has shuffled 19,160 ETH valued at $40.31 million to trading platforms FalconX, Coinbase, and OKX, taken at the current $2,040 average price. 

Celsius still purportedly holds around 59,581 ETH ($121 million) spread across various wallets. Mass transfers of coins onto exchanges typically signals an intent to liquidate holdings, so Celsius may be gearing up for more unloading of its remaining ETH stash. If that enormous volume hits the market, it could seriously put pressure on Ethereum’s price.

Additionally, data analyst LookOnChain revealed that an ETH whale recently dumped 3,150 ETH ($6.37 million) within one hour at approximately $2,023 per coin. The whale originally acquired 2,762 ETH on Nov. 2, when prices hovered around $1,825. 

By selling near local highs, the whale pocketed a tidy profit of $546,000. More whale activity like this could place strong downward pressure on already fragile Ethereum prices.

LookOnChain also spotlighted a separate Chainlink whale that amassed 11 million LINK ($80 million) across 81 wallets during September and October. Since Nov. 22, this whale has shifted 1.92 million LINK valued at $27.8 million onto Binance. 

If the whale cashes out its remaining LINK, it could walk away with $14 million in gains. This scenario would likely send Chainlink prices plunging.

With major holders transferring hordes of ETH and LINK to exchanges, retail investors may follow suit and run for the exits, inducing a mass sell-off panic. 

Both LookOnChain and Spot On Chain command sizable, engaged audiences on X, so when they sound the alarm about on-chain movements, regular traders pay attention. Skittish sentiment could rapidly propagate across crypto Twitter and translate into real selling activity.

Meme Kombat Presale Marches on Despite Crypto Market Struggles

In contrast to the grim outlook plaguing Ethereum and Chainlink, one new meme coin project is gaining momentum during its ongoing presale event. Branded as “the world’s first meme battle game,” Meme Kombat sets itself apart by letting beloved meme mascots like Doge, Shiba Inu, and Cheems battle head-to-head in AI- refereed matches.

Mimicking the classic arcade game Mortal Kombat, players can pick sides and wager MK tokens on fight outcomes. A randomized algorithm leveraging Chainlink oracles ensures fair, unpredictable brawls that crown a Meme Kombat Champion through regularly scheduled tournaments. The full launch will kick off Meme Kombat’s inaugural contest starring 10 popular memes. With plenty of meme matchups, there will be opportunities for players to try their luck.

In terms of tokenomics, Meme Kombat takes a decentralized approach. The presale allocates 50% of the total supply to participants, while 30% rewards stakers and fight winners. The leftover 20% goes towards community governance and providing liquidity.

During the ongoing presale, savvy investors can maximize returns by purchasing MK tokens for up to 23% less than the final price. Already, over $10.1 million has entered staking from traders seizing on sky-high annual yields. In turn, $1.7 million has been distributed to diligent stakers in just a few short months.

The presale finale comes on Jan. 4, 2024, quickly followed by a Uniswap IDO launch to boost liquidity and exchange availability. The Uniswap listing marks a major milestone that will open up Meme Kombat to a much wider consumer base, driving volume and visibility for MK.

In the ramp up to launch, Meme Kombat also invests heavily into community building and marketing activities. Top crypto influencers like Jacob Bury are taking notice, identifying Meme Kombat as an emergent project with realistic 10x potential as the platform takes off.

With the presale raising $2.3 million so far, new backers should act fast to maximize purchase bonuses. As crypto market turbulence persists globally, Meme Kombat’s successful capital raise shows that exciting innovation endures, even amidst uncertainty.

VIsit MK Presale

Top crypto platforms in the US | February 2024

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