Ethereum's price has taken a nosedive. It's dropped from over $3,000 to $2,100. The culprit? A select group of market makers. These big players have been offloading Ethereum like there's no tomorrow. Five top market makers have sold a whopping 130,000 Ether since August 3. That's worth $290 million at today's price. Wintermute is leading the pack. They've ditched over 47,000 Ethereum. Jump Trading isn't far behind, selling more than 36,000 ETH. Flow Traders comes in third, offloading 3,620 ETH. Even the smaller fish are getting in on the action. GSR Markets sold 292 ETH. Amber Group parted ways with 65 Ether. This data comes from a research note by 0xScope, shared with Cointelegraph. Jump Trading kicked off the selling spree. But Wintermute really went to town. 0xScope noted on X: "Jump Trading started dumping ETH this past weekend, ahead of other major market makers, despite low liquidity." Ethereum's struggling to stay above $2,200. It's a psychological barrier for many traders. More selling from big players could send prices tumbling further. That might trigger panic selling among smaller investors. The numbers are pretty grim. Ethereum's price plummeted over 22.3% in just 24 hours. At 1:10 p.m. UTC, it was trading at $2,233, according to Cointelegraph data. It hit rock bottom around 6:30 a.m. UTC. The price briefly touched $2,195 before bouncing back above $2,200. Talk about a rollercoaster ride. But it's not all doom and gloom. Some traders see a silver lining. Pseudonymous crypto trader MarketWizard thinks Ether could double from here. They're basing this on patterns from two years ago. MarketWizard wrote on X: "Despite how scary things are right now, ETH is at the sweet spot. Retesting the 2-year base that caused an x2 earlier this year." Crypto's full of surprises, so who knows? Maybe there's light at the end of this tunnel.

Anonymous Ethereum whale is catching the moment. While multiple investors sell their ETH holdings in panic, this blocke is enjoying the opportunity to buy the dip. Ethereum has taken a hit. The cryptocurrency broke below $3,000 for the first time in months. It's down 4.76% in 24 hours. Current price? Just over $2,900. Retail investors are panicking. But not everyone's running scared. On-chain data shows a different story. A whale investor is gobbling up ETH like it's going out of style. This isn't just any whale. We're talking about an investor with a perfect track record. They've been right 100% of the time. And they've been loading up on ETH for two months straight. Lookonchain, a social media tracker, spilled the beans on X. The whale just bought another 2,424 ETH. That's $7.22 million at current prices. It's not pocket change. But here's the kicker: since May 29, this whale has bought 19,436 ETH. Total value? $68.25 million. Average price? $3,511 per ETH. Do the math, and you'll see they're down about $8 million right now. Sounds crazy, right? Maybe not. This whale has been spot-on since November 2022. They've been buying low and selling high like clockwork. Between November 21, 2022, and May 23, 2024, this investor made over $38 million in profits. They seem to have a sixth sense for ETH's ups and downs. Now, they're doubling down despite the market slump. It's a bold move. But given their track record, it's hard to dismiss. Is this whale onto something? Or is their luck about to run out? The crypto world is watching closely.

Solana's decentralized exchanges (DEXs) have outperformed Ethereum's for the first time. This milestone occurred in July. DeFiLlama data confirms this shift. Solana-based protocols accounted for 30% of all crypto DEX volume in July. Ethereum followed with 28.12%. In absolute terms, Solana's DeFi ecosystem processed $56.849 billion worth of transactions. Ethereum exchanges finished at $53.867 billion. The difference exceeds 5%. This development is significant. Ethereum has long dominated DeFi. The only previous challenger was BNB Chain in 2021. That surge coincided with BNB Chain's meme coin mania. Frank Mathis, CEO of GenesysGo, shared his perspective. "Solana has positioned itself as the blockchain of fun and for the people," he told Decrypt. Solana has become the go-to platform for meme coin launches. Lower costs than Ethereum drive this trend. Mathis highlighted Solana's community-building efforts. "Solana has done an amazing job of bridging the gap between developers and users," he noted. This approach has paid off. The meme coin phenomenon is driving Solana's growth. "Meme coins are this cycle's meta," Mathis observed. He expressed uncertainty about long-term implications for the broader ecosystem. Ethereum's pioneering role in smart contracts gave it a head start. It laid the groundwork for DeFi and DEX protocols. This first-mover advantage remains significant. Mathis predicts a shift in developer strategies. He expects more cross-platform compatibility. Developers will aim to "capture as much market share and user attention as possible," he said. Solana's journey hasn't been smooth sailing. It faced setbacks in late 2022 due to FTX's collapse. However, the network has bounced back. It's now the hotspot for new token launches. The broader trend shows DEXs gaining ground on centralized exchanges. Kunal Goel, a Messari analyst, attributes this to several factors. These include "the growth of meme coins and long-tail assets," he told Decrypt. This shift in the DeFi landscape is a big deal. Solana's rise challenges Ethereum's dominance. It's a wake-up call for the entire crypto industry. The game is changing, and fast.

Vitalik Buterin, Ethereum's co-founder, has pulled the plug on his Neiro holdings. The move sent shockwaves through the crypto community. Buterin offloaded a whopping 17.145 billion Neiro tokens early Monday. The dump happened during Asia's trading hours. These tokens made up 4.08% of Neiro's total supply. Buterin was the biggest fish in Neiro's pond, according to the team. Wu Blockchain spilled the beans on X. "Vitalik dumped the Meme Neiro on Ethereum," they posted. The Neiro team had gifted Buterin the tokens. They used this to hype him as the largest holder. Buterin didn't hang around. He swapped the tokens for 44.4 ETH. This move sent Neiro's price into a tailspin. Etherscan data shows Buterin walked away with 44.53 Ether. That's about $112.5K in real money. Not too shabby for a day's work. The Neiro team didn't take it lying down. They fired off a cheeky tweet to Buterin. "Hey Vitalik Buterin, we see that you sold your Neiro bag," they wrote. They asked him to throw some bones to a dog shelter. Neiro's not just another silly memecoin. They've got a heart. The project set up a fund for exchange listings and animal charities. They're all about helping stray dogs. Just a day before Buterin's sell-off, Neiro was riding high. They'd bagged nearly $1600 in donations. This cash went straight to a Japanese dog shelter. It's the same shelter that houses the real-life Neiro dog. Neiro's inspired by Kabosu, the Shiba Inu's sister. Yep, that's the same Shiba Inu from the Doge meme. Small world, huh? Buterin's move hit Neiro like a ton of bricks. The token's value nosedived by 60%. Investors were left scratching their heads. It's a stark reminder of how risky these memecoins can be. CoinGecko's data tells a grim story. Neiro plummeted from $0.022 to $0.013. It bounced back a bit to $0.015. But the bleeding didn't stop there. At press time, it's trading at a measly $0.011. It wasn't always doom and gloom for Neiro. The token had been on a tear since its launch. It hit an all-time high of $0.19 on August 1. Its market cap was flirting with $200 million. There's more than one Neiro out there. Colin Wu, a blockchain journalist, cleared the air. He confirmed it was the Ethereum-based Neiro that Vitalik dumped. This whole saga's a wild ride. It shows how one big player can turn the crypto market on its head. Memecoins might be fun, but they're not for the faint-hearted.

Ethereum, the world's second-largest cryptocurrency, took a nosedive over the weekend. The price plunge sent shockwaves through the crypto community. Shock is definitely the right word for it. Crypto analyst Michael Van De Poppe shared his take on X. He reckons it's all about capitulation. That's a fancy way of saying panic selling, and that is exactly what is going on right now as many market participants are unable to withstand the pressure. Panic selling is good for whales and long term holders. It's definitely not good for everyone else. ETH has been looking shaky for weeks. It's now at a six-month low. Bitcoin's been doing the same dance. Van De Poppe points to Grayscale's Trust ETHE as a culprit. It's seen massive outflows since spot ETH ETFs hit the market. Day one saw $400 million walk out the door. By Friday, it was down to $60 million. Jump Trading's also been dumping ETH like it's going out of style. They offloaded $500 million in just two days after the ETFs launched. The sell-off continued through the weekend. "This is capitulation," Van De Poppe declared. He's not too worried, though. In his view, it means the downtrend's nearly done. But it's not just crypto drama driving the dip. The world's gone a bit bonkers lately. Trump's trailing Harris in the polls. The Israel-Gaza conflict's heating up. The UK's dealing with a spate of stabbings. Economic data's not looking great either. There's growing pressure for rate cuts. Japan just had its worst day on the stock market since 1987's Black Monday. All this chaos is feeding into the crypto sell-off. It's a perfect storm of bad news and jittery investors. So, what's next for ETH? Van De Poppe's betting the worst is over. But in the wild world of crypto, anything can happen. Buckle up, folks. It might be a bumpy ride.