Ethereum [ETH] had peaked to $1419 and then suffered a drop by almost 50% within 4 days dropping to $757 momentarily before going back up. That was on January 13th, 2018 when the markets were extremely volatile with fresh hands coming into play with all the hype and media coverage.
Analysts believe, that the market now has gotten rid of a major chunk of weak hands which make it so tender. Yesterday, 18th March 2018, when Ethereum dropped dramatically the question was, who sold them Ethers? In the past 13 days, Ethereum has gone from trading comfortably at $866 to yesterday’s $450 level.
Wilhelm a community manager at SantimentFeed shared an image on Twitter suggesting the possibility of ETH being dumped/moved by major tokens including EOS, Sirin, Civic, etc. Viktor Skibitsky, a developer from Moscow says,
“Big rumors of major tokens dumping ETH. Regulatory concerns? or no one like ETH anymore? A lot of them like TRON will eventually move away from ETH so it is possible to see a further slump in ETH soon”
With people suspecting EOS as the major dumper yesterday, there was some support from the EOS community, for example, EOS Evangelist, an EOS Twitter “evangelist” says,
“The whole crypto market has been dumping since the tail-end of December and y’all are trying to make inferences with no proof. LOL…. You’re FUDing $EOS without demonstrating any knowledge about what’s being developed.”
Iosif Dzhugashvili an EOS skeptic says,
“I get it. FUD is the general counter argument to criticisms of your beloved project. Unfortunately DPoS has the perfect description in the name. Maybe could call it a steeming PoS to be even more accurate. Just spitballin’ here.”
People started equating the sell-off to Mt.Gox’s Bitcoin fiasco which allegedly influenced the market.
Sunny Singh, a Systems Engineer at Calix says,
“Shouldn’t this amount of Eth not be allowed to be dumped on an exchange? But have a otc or auction. This is the same as Mt Gox”
Henrik Ask, another crypto enthusiast says,
“But EOS gets 15k – 18k ETH every 24H. 50k Sounds like a small amount compared to total ETH That EOS hold…”
David Harden, a part-time VC and Bitcoin enthusiast took swipe at the people mentioning EOS was to blame and says,
“EOS has raised 1.5B in
$ETH. This isn’t even a rounding error. What are you on about?”
Although all eyes were on how EOS influenced the Ethereum fall, the strong “HODLers” say that is is possible that EOS had nothing to do with the ETH dip yesterday and in fact this news just acted as a catalyst and created a domino effect for other immature ICOs to cash out to Fiat.
Irrespective of anyone influencing the Ethereum prices yesterday, analysts believe that ICOs hold a huge amount of ETH currently and a fear among that group (especially the weaker fake ICOs) could lead to an ETH sell-off. Although there have been a lot of fake projects the majority of ICOs who have raised a big amount of money have a good tech team and a good philosophical backing.
Mick Nebert, a Bitcoin miner from Zagreb says,
At press time, ETH was trading at $550 to a token showing a massive spike in value in the past three hours when the price was just at $515. Analysts believe that the G20 news has acted wonderfully and markets should be getting ready for a bull run. The sentiments are positive and markets look bullish.
“Even if the fake ICOs start selling their shit ETH it wouldn’t affect the prices. The only problem is if bigger projects start dumping. I don’t see it happening anytime soon though with the market bouncing back again. It’s foolish for them to sell so low”
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