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Cryptocurrency markets fell following the approval of the spot Bitcoin ETF. However, many investors took advantage of the decline to buy more Ethereum (ETH) and Shiba Inu (SHIB). Pullix (PLX) is also gaining investor attention, raising over $4.6 million in an ongoing presale.
Whales Double Down on Ethereum
Ethereum has fallen recently. While some investors were selling ETH, whales were taking advantage of the low price to buy more ETH.
According to Spot On Chain, one whale purchased $46 million worth of ETH before staking it on staking liquidity platform Lido.
Another whale spent $7.3 million to buy ETH.
The increase in whale activity suggests that market participants are optimistic about ETH.
This optimism comes amid ongoing debate over whether the US SEC will approve a spot Ethereum ETF.
Pullix pre-sale is gaining traction
Pullix combines the features of centralized and decentralized exchanges.
It offers a variety of monetization opportunities, including liquidity provision and passive interest in staking.
Pullix also offers liquidity and slippage-based trading for investors to trade quickly and efficiently.
In the ongoing presale, PLX is changing hands for $0.10. Analysts expect more growth when it launches late in the first quarter of 2024.
Whales are buying more Shiba Inus
On-chain data shows whales are accumulating more SHIB and ETH.
According to Etherscan, anonymous whales have purchased over 606 billion SHIB, bringing their total SHIB holdings to over 1 trillion coins.
To date, Shibarium, a Layer-2 solution, has processed more than 300 million transactions, with an average of 1.2 to 7.8 million transactions per day.
This upward trend could support prices.
Closing Thoughts
The price drop caused whales to buy more ETH and SHIB. At the same time, the growing demand for PLX shows the potential of Pullix.
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