PlusToken Ethereum [ETH] Worth Around $188 Million Moved, Caution Ahead

Whale Alert of over 789,534 ETH moved from PlusToken scam shakes the bullish sentiments, as prices drop to $235. Bitcoin also drops to test lows at $929x as the confidence shakes in the market.

WhalePanda, crypto investor and analyst tweeted,

Almost 790k $ETH of the Plustoken ponzi are on the move. (roughly $188 million)

During the last instance, about $117 million in Bitcoin was moved on 11th February 2020. This followed a crash after marking a top in Bitcoin at $10,522 in the following week. In the past, the PlusToken scam of more than $3 billion was sought to be the reason for the excessive bull and the subsequent bear market in 2019.

Hence, on two instances from the past, PlusToken scam has marked the top total top in crypto indices.

Market Tops and Traders’ View

With the DeFi euphoria finally seems to be coming to an end, the market perceived that the profits or liquidity is likely to flow into Ethereum and Bitcoin next. Nevertheless, a massive sell-off from one source could trigger another dump from the local top.

However, with the evolution of the crypto markets, DeFi tokens also have the ability to be traded directly via stablecoins without any intervention of ETH. Hence, it lacks a direct correlation with the rise of the platforms. Ryan Selkis, the founder of Messari.io notes in his recent research report that their other ways DeFi adds value to Ethereum. He tweeted,

It is possible that within a couple years, ETH may not only be the most useful asset in crypto given its on-chain economy, but also crypto’s most credibly scarce asset given ETH 2.0 and EIP 1559. Only time will tell.

Moreover, as for the news of the PlusToken scam, it is spreading fast. The market dump seems to be getting absorbed. The price action with the towards weekly closing with coincides with the CME monthly closing this weekend will be critical for causing volatility in Bitcoin prices.  Crypto trader, CryptoOrca, tweeted,

Watching dumps beeing absorbed … me thinks we hold this channel for another week or 2 before we see $11k range.

Do you think it will happen again or bulls will cover the sell-off this time? Please share your views with us.