With its $463 million acquisition, Sharplink Gaming is now formally the publicly traded business with the highest Ethereum holdings.
With its first Ethereum purchase, Sharplink Gaming formally established its Ethereum Treasury Reserve. Leading the pace in corporate adoption of the largest altcoin by market capitalization, the company has also grown to be the largest holder of ETH that is openly traded.
Sharplink Gaming acquires 176,271 ETH for Ethereum Treasury
The company said in a press release that it had purchased 176,270.69 ETH at an average price of $2,626 per ETH, for a total purchase price of $462,947,816. The company is now the world’s largest publicly traded ETH holder as a result of this acquisition.
Additionally, the Ethereum Foundation’s second-largest stake is held by Sharplink Gaming. As previously said, in order to create this Ethereum Treasury, the company raised $425 million through a private placement offering.
The business also revealed that it raised an additional $79 million in anticipated gross proceeds through its at-the-market (ATM) facility in addition to this private placement deal. The company spent $462 million on this acquisition, using the majority of the ATM’s earnings to finance other ETH purchases.
Additionally, Sharplink Gaming disclosed that since June 2 of this month, the total amount of ETH purchased has increased by 11.9% per share. In order to contribute to Ethereum’s network security and generate native return, the company has also used more than 95% of its Ethereum assets for staking and liquid staking solutions.
SBET stock still in the red
The SBET stock is still down in the wake of this statement, according to TradingView data. The stock is already down more than 66% in pre-market trade, trading at about $10. It is important to note that on June 12, after-hours trading saw a 73% decline in Sharplink Gaming’s stock.
SBET is still up significantly since the company revealed plans to establish an Ethereum Treasury, even with this decline. According to MarketWatch data, the stock has increased by about 1,000% in the past month. Additionally, SBET is up more than 300% so far this year.
Despite the news of Sharplink Gaming’s ETH acquisition, the price of Ethereum stayed the same. The altcoin is presently selling at about $2,500, down about 7% over the past day, according to CoinMarketCap data.
Can XRP price hold above $2 amid bearish pattern as whales sell 150M tokens?
Find out if the price of XRP can hold its psychological support level of $2 as 150 million tokens are dumped in five days by whales.
Despite unfavorable headwinds that have rocked the larger cryptocurrency market, the price of XRP has been defending the $2 psychological support level since April. Even though the cryptocurrency market lost over $1 billion due to liquidations on June 13, XRP remained stable and is currently trading at $2.14. XRP’s prospects of holding above this price, however, may be weakened by a bearish pattern on the 4-hour timeframe chart and whale distribution.
XRP price could drop below $2 amid bearish pattern
On the four-hour chart, the price of XRP has created a rounded top pattern, which frequently indicates that a trend is ready to turn bearish. Actually, after the general crypto market meltdown produced a sharp decrease, Ripple’s native coin had already broken through the neckline support of this pattern.
The bearish rounded top pattern’s depth indicates that XRP may drop by an additional 9% after breaking through the $2.12 support level. XRP may drop below $2 to $1.93 if this occurs. This will be the altcoin’s lowest price in over two months if it drops to this level.
Even though Ripple’s CEO expressed optimism that XRP Ledger would overtake SWIFT as the market leader, purchasers are still staying away from the market, and the MACD indicator confirms this bearish technical picture. The negative histogram bars show that the momentum is still bearish, and the MACD line has fallen into the negative area.
The intensity of the downward trend in the price of XRP is further supported by the downward sloping on-balance volume (OBV) indicator. The drop indicates that selling volumes are more than buying levels, which typically indicates market distribution and bearish pressure. Additionally, it demonstrates purchasers’ lack of conviction.
If the price of XRP resumes its upward trajectory and reaches the top of this pattern at $2.33, the pessimistic prognosis depicted by the rounded top may be rendered invalid. According to reports, Ripple’s price may rise before the SEC makes a judgment about a spot ETF.
Whales sell 150M tokens
Whale selling is another element that can push the price of XRP below the psychological support level of $2. The distribution behavior of the addresses owning between 10 million and 100 million bitcoin is displayed by the Sanitation data. These addresses’ holdings dropped from 7.64 billion to 7.49 billion in the last five days, indicating that they may have sold 150 million coins.
Even amid the continuous declines, these addresses have not been eager to accumulate Ripple tokens, as the above chart illustrates. They have been in an active distribution phase, as evidenced by the fact that their holdings have dropped to their lowest point since late April.
In conclusion, the price of XRP is facing bearish challenges following the collapse of the larger cryptocurrency market, which pushed the price below the $2.12 support level. A bearish breakdown from a rounded top pattern was reinforced by this decline, suggesting that a 9% plunge to $1.93 would be on the horizon. The pessimistic picture is further supported by whales selling 150 million Ripple coins in the last day.
Shiba Inu price drops 12% but whales, Binance traders remain bullish
As the cryptocurrency market plummets, the price of Shiba Inu has dropped 12% in a single day. Will a comeback be fueled by whales and Binance traders?
Following the Israel-Iran dispute, Bitcoin, Ethereum, and most other cryptocurrencies saw slight declines on June 13, putting bearish pressure on Shiba Inu (SHIB). The price of Shiba Inu dropped 12% as the cryptocurrency market became more pessimistic, with trade volumes—likely from sellers—hitting $343 million. Nonetheless, Binance traders are still optimistic about the meme coin, and whale addresses own more than $100,000 worth of SHIB.
Shiba Inu price plunges 12% to 2-month low
Shiba Inu’s price has dropped over the past day, from a daily high of $0.0000128 to a daily low of $0.0000114. SHIB is currently trading at its lowest level in almost two months, at $0.000017.
As the sentiment of the cryptocurrency market shifts to fear due to a selloff in risky assets, bears threaten to cause a further drop in the price of this popular meme coin. Further falls are likely to occur as the supply from sellers increases and the demand dries up.
Despite a skyrocketing burn rate, a recent analysis found that the price of Shiba Inus is at risk of a 35% plunge after dropping below the 50-day moving average. Bears are taking charge, as evidenced by this decline below the short-term MA.
There was additional proof of a pessimistic attitude on the front of the derivatives market. According to Coinglass data, long liquidations exceeded $787,000 in a single day, resulting in a 17% decrease in open interest to $141 million.
Two groups of traders, however, are still optimistic despite the Shiba Inu price making lower lows. These consist of Binance futures traders and whales.
SHIB whales scoop 500B tokens in 24 hours
After amassing 500 billion tokens in a single day, Shiba Inu whales seem unconcerned by the current price drop. This accumulation is demonstrated by data from IntoTheBlock, which shows that addresses with more than $100,000 SHIB experienced positive netflows following a recent selloff.
The aforementioned data indicates that this cohort’s holdings have increased from -246 billion to 250 billion. during $8.5 million is the value of the 500 billion tokens that have been accumulated during the past 24 hours.
As these traders buy more tokens at low prices in anticipation of an upward trend, whale accumulation frequently signals a local bottom. These whales’ buy-side pressure may absorb the sold coins if the accumulation persists, preventing a decline in the price of SHIB below $0.000010.
Binance traders remain bullish
Despite the present challenges, Binance traders are also optimistic about the price of Shiba Inus. The long/short ratio, which has risen to its highest level in almost three weeks, illustrates the bullish tilt. 72% of traders on the market had opened a long position on the 1000SHIB/USDT contract, according to the measure.
This ratio suggests that traders believe the present decline is a brief correction brought on by panic selling, following which the price of SHIB may rise. However, since a buildup of long positions amid market weakness raises the likelihood of a long squeeze that may begin a downtrend, such a spike during a price decrease should indicate caution.
In conclusion, the price of Shiba Inus has decreased by 12% over the past day due to buyer hesitancy and lengthy liquidations brought on by the general market selloff. Whales and Binance traders, meanwhile, are still optimistic about SHIB because they expect a recovery.
This long-term Shiba Inu price forecast illustrates how the meme currency will behave between 2025 and 2030, since volatility affects SHIB’s short-term movements.
