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COINTURK NEWS > Altcoin News > Ethereum Layer-2 Tokens Dip as Whales Move Holdings
Altcoin News

Ethereum Layer-2 Tokens Dip as Whales Move Holdings

In Brief

  • Ethereum Layer-2 tokens experience sharp corrections.

  • Bitcoin price hits a new record, reaching $73,000.

  • Ethereum's price remains above $4,000 despite pullback.

COINTURK NEWS
COINTURK NEWS 1 year ago
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Before the upcoming Dencun Hard Fork, Ethereum Layer-2 tokens such as MATIC, IMX, OP, ARB, and MNT faced sharp corrections. Today, whales have been offloading their Ethereum Layer-2 token assets, driving prices down. However, Ethereum’s price is still hovering above $4,000. Bitcoin‘s price, on the other hand, set a new record today, reaching the $73,000 level just a while ago.

Contents
Debate Arises with Dencun UpdatePrice Drops in L2 Tokens

Debate Arises with Dencun Update

Tokens such as Polygon (MATIC), ImmutableX (IMX), Optimism (OP), Arbitrum (ARB), and Mantle (MNT) saw price drops between 3% to 5%. Ethereum’s focus on Layer-2 solutions to reduce transaction costs instead of scaling its main blockchain has met with criticism from crypto experts.

Justin Bons, Founder and CEO of CyberCapital, argues that Ethereum is now “entirely reliant on mediocrity.” In a recent tweet, Bons claimed that the layer-1 chain has zero plans to scale the main blockchain and is pushing users towards layer-2 chains instead.

Price Drops in L2 Tokens

One day before the Dencun update, L2 tokens experienced a sharp decline in prices. In the last 24 hours, altcoins such as MATIC, OP, and ARB saw a 4% drop in prices. Additionally, the cryptocurrency IMX showed a 5% decrease on Binance, while MNT caused approximately a 3% loss to its holders in the last day.

According to on-chain data, some large wallet investors known as whales in the crypto community are swapping their L2 tokens for stablecoins or other cryptocurrencies.

Spotonchain recently identified two large wallet investors who have been offloading their L2 token assets. Firstly, a wallet named DForcenet deposited 2.45 million ARB worth $5.05 million to the crypto exchange Binance. In a second transaction, a whale swapped 1.03 million ARB valued at $2.13 million for USDC. Both transactions took place on Tuesday. These developments likely contributed to the overall decline in L2 token prices.

The cryptocurrency Ethereum’s price reached its highest level of 2024 at $4,093 on Binance earlier today. However, since then, there has been a pullback, and it is currently trading at $4,028. While Bitcoin breaks records, it’s worth noting that Ethereum’s price has yet to surpass its own record of $4,868. Let’s see what direction the ETH price will take after the update.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 12 March, 2024 - 5:23 pm 12 March, 2024 - 5:23 pm
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