Ether.fi (ETHFI) – will $3 support hold? | price analysis
(note: the post contains data by News.BTC)
ETHFI, the governance token for the Ether.fi staking protocol has seen a significant drop in price since its debut on top exchanges i.e. Binance and WhiteBIT on Monday, March 18. After initially trading at $4.13, the token has lost over 25% of its value, raising concerns among investors.
Nonetheless, recent on-chain activity has fueled speculation of further sell-offs, potentially threatening the token’s stability and its ability to hold the $3 mark. In particular, blockchain analytics firm Nansen has identified interesting behavior involving Arrington XRP Capital on the Ether.fi platform, highlighting some significant transactions.
In a recent post on social media site X (formerly Twitter), Nansen’s analysis reveals interesting activity involving venture capital fund Arrington XRP Capital on the Ether.fi platform.
According to the blockchain analytics firm, Arrington XRP Capital minted 5,000 units of eETH, Ether.fi’s natively reshaped liquid staking token. Notably, these eETH tokens were distributed to ten different wallets, each containing 500 units.
Following the distribution, Arrington XRP Capital proceeded to claim a total of 200,498 ETHFI tokens across the ten wallets. The funds were transferred to another address, consolidating the acquired ETHFI tokens.
