Whales Prepare Ethereum and Chainlink Sell-Offs While Meme Kombat Claims Spotlight

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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


All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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