The anticipated Duncan Upgrade is live, and crypto enthusiasts are optimistic that the upgrade will increase the price of $ETH. However, many were surprised to see a decline in the token. There was a massive sell off of the token briefly after the upgrade news made headlines. Meanwhile, $GFOX, the new cryptocurrency that has been widely regarded as one of the best altcoins of the year, has been rising steadily in its ongoing presale. The token widely known for its profitability and multiple use cases is now edging closer to hit the $5 million generated in presales.
Ethereum Price Dips After Dencun Upgrade as Whale Moves Spark Sell-Off Concerns
The Dencun Upgrade is one of the most anticipated upgrades for Ethereum’s blockchain. It brings various improvements to the network, including introducing ‘Proto-dank sharding’, an Ethereum improvement proposal (EIP) that will introduce temporary storage space that layer two (L2) rollups can use to enhance their transactional throughput. These improvements made by Dencun Upgrade will significantly reduce Ethereum network fees and improve scalability.
After the Dencun upgrade, a large holder of cryptocurrency known as a whale made an unusual deposit of about 15,078 $ETH on the Binance and Bitfinex exchanges, as reported by LookOnChain, a crypto data analytical platform. This enormous deposit of $ETH caught the attention of experts and investors, leading to rise in speculation within the industry. According to experts, such a significant transfer of $ETH into exchanges indicates that the owners plan to sell them off.
Aside from the 15078 $ETH transfer to Binance and Bitfinex exchange platforms, several whale transfers occurred before or after the Dencun Upgrade. Such transfers, as recorded by Whale Alert, a crypto data tracking platform, include a transfer of 10,132 $ETH from an unknown wallet to the Kraken exchange and a transfer of 18,560 $ETH worth over $70 million from Binance to an unknown wallet. Other notable transfers include the transfer of 244,500 $ETH worth $992,516 261 and 50,000 $ETH worth $202,898,923 between unknown wallets.
24 hours after the upgrade went live, the price of $ETH dropped by about 5% according to data from CoinMarketCap. As a result, many investors have started to doubt whether the upgrade will trigger the expected rally of the token. However, experts are still optimistic as they believe the token will react positively to the upgrade very soon.
Galaxy Fox: Meme Coin Soars in Presale with Deflationary Tech and Staking Rewards
$GFOX reaching $5 million raised in its presale amid the high level of competition in the crypto landscape is one of the things only a few memetokens can boast of. The token reaches this milestone because of its great utility, offering various opportunities to anyone who invests in it.
One of the intriguing uses of the $GFOX token is in its deflationary nature. The deflationary promotes the scarcity of $GFOX by continuously reducing the amount of $GFOX in circulation. With this approach, the value of $GFOX tokens will continue to increase.
$GFOX tokens can also be stake on the Galaxy Fox ecosystem. When holders stake their $GFOX tokens long-term, they earn rewards, which are reserved in the platform’s reward-distributing hub called the Galaxy Fox Stargate.
The possibility of $GFOX price to skyrocket massively after its launches is very high as the demand for it is already off the roof without any sign of slowing down anytime soon. This is also evident in its presales which progresses swiftly from stage to stage, with over 3.2 billion tokens sola already. Currently in stage 9 with almost 98% of the tokens alloted for this stage also sold already,the presales is expected to progress to the last stage (10) in a few days while delivering around 11% ROI for investors who buy the token in this current presale stage.
Conclusion
Investors who are enthusiastic about the Dencun upgrade and are willing to invest heavily in $ETH may need to wait as uncertainty mounts regarding $ETH’s price reaction to the upgrade. As for $GFOX, it is the investors’ most preferred crypto to buy now in the crypto world, as they can’t afford to miss out on the token’s potential rally in the ongoing presale and after it is listed on exchange platforms.
Are you ready to participate in the next $GFOX rally? Join the Galaxy Fox presales today and stand a chance to 10x your portfolio. Visit the website to buy $GFOX tokens and join the telegram community for more updates.
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