According to Spot On Chain, ETHFI has introduced a leading staking narrative following recent price performance.
The newly launched token surged nearly 3,000% in less than two weeks.
Users consider Ether.fi an ideal protocol that democratizes Ethereum’s staking process.
According to Spot On Chain, the on-chain data analytics platform, ETHFI surged nearly 30% in 24 hours, achieving a new all-time high (ATH). In a recent post on X, the analytics platform noted that the rally introduced a leading staking narrative for the relatively new Ethereum staking protocol.
The $ETHFI price surged ~30% (24H) to a new ATH, leading the #restaking narrative!We noticed 4 out of 5 top non-team/CEX holders have withdrawn 1.036M $ETHFI ($5.4M) from #Binance and #KuCoin at ~$5.208 in the past 22 hours.Currently, these 4 wallets hold a total of 12.2M… pic.twitter.com/KWeApyVycs
— Spot On Chain (@spotonchain) March 27, 2024
Meanwhile, Spot On Chain highlighted some significant transactions in the ETHFI ecosystem. According to the analytics platform, four out of five top non-team/CEX holders withdrew 1.036 million ETHFI, equivalent to $5.4 million from Binance and KuCoin. The holders withdrew the assets about 22 hours before Spot On Chain’s post, with ETHFI trading at around $5.208.
The analytics platform shared further details about the top holders, showing that the four identified wallets held 12.2 million ETHFI, equivalent to $76.6 million, or 10.6% of the digital asset’s circulating supply, as of making the post.
ETHFI is the governance token that drives the Ether.fi network, a decentralized, non-custodial delegated Ethereum staking protocol. It is among the less well-known cryptocurrencies that have been performing well recently.
The staking protocol launched in mid-March and has rallied from an opening price of $0.23 to $6.438 in less than two weeks, gaining nearly 3,000%, according to data from TradingView. ETHFI traded for $6.056 at the time of writing, having retraced slightly from an ATH higher than earlier reported by Spot On Chain.
Many members of the Ethereum community are predicting high numbers for the newly launched governance token. They consider Ether.fi an ideal protocol that democratizes Ethereum’s staking process, lowering the barrier and enabling more users to partake in ETH staking. However, crypto predictions remain a guessing game as several factors affect how crypto prices develop.
The post ETHFI Takes Over Staking Narrative, Rallies Nearly 3,000% in 10 Days appeared first on Coin Edition.
