Ethereum

Bitcoin

Mantle

Optimism

Polygon

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-layer-2-tokens-dip-as-whales-move-holdings/" data-wpel-link="internal">Ethereum Layer-2 Tokens Dip as Whales Move Holdings</a><br></p>
<p style="text-align: justify">Before the upcoming Dencun Hard Fork, Ethereum Layer-2 tokens such as <a href="https://en.coin-turk.com/bitcoin-and-matic-coin-price-movements-and-predictions/" data-wpel-link="internal">MATIC</a>, IMX, OP, ARB, and MNT faced sharp corrections. Today, whales have been offloading their Ethereum Layer-2 token assets, driving prices down. However, Ethereum’s price is still hovering above $4,000. <a href="https://en.coin-turk.com/bitcoin-uncertainty-prevails-key-figures-and-expectations-ahead/" data-wpel-link="internal">Bitcoin</a>‘s price, on the other hand, set a new record today, reaching the $73,000 level just a while ago.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-326404 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-coin-turk-com-1-5.png" alt="" width="670" height="147"></p> 
<h2 style="text-align: justify" id="debate-arises-with-dencun-update">Debate Arises with Dencun Update</h2> 
<p style="text-align: justify">Tokens such as Polygon (MATIC), ImmutableX (IMX), Optimism (OP), Arbitrum (ARB), and Mantle (MNT) saw price drops between 3% to 5%. Ethereum’s focus on Layer-2 solutions to reduce transaction costs instead of scaling its main blockchain has met with criticism from crypto experts.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-326366 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/ethereum-layer-2-coin-turk-com-.png" alt="" width="661" height="485"></p> 
<p style="text-align: justify">Justin Bons, Founder and CEO of CyberCapital, argues that Ethereum is now “entirely reliant on mediocrity.” In a recent tweet, Bons claimed that the layer-1 chain has zero plans to scale the main blockchain and is pushing users towards layer-2 chains instead.</p> 
<h2 style="text-align: justify" id="price-drops-in-l2-tokens">Price Drops in L2 Tokens</h2> 
<p style="text-align: justify">One day before the Dencun update, L2 tokens experienced a sharp decline in prices. In the last 24 hours, altcoins such as MATIC, OP, and ARB saw a 4% drop in prices. Additionally, the cryptocurrency IMX showed a 5% decrease on <a href="https://en.coin-turk.com/binance-labs-invests-15-million-in-blockchain-game-developer-xterio/" data-wpel-link="internal">Binance</a>, while MNT caused approximately a 3% loss to its holders in the last day.</p> 
<p style="text-align: justify">According to on-chain data, some large wallet investors known as whales in the crypto community are swapping their L2 tokens for stablecoins or other cryptocurrencies.</p> 
<p style="text-align: justify">Spotonchain recently identified two large wallet investors who have been offloading their L2 token assets. Firstly, a wallet named DForcenet deposited 2.45 million ARB worth $5.05 million to the crypto exchange Binance. In a second transaction, a whale swapped 1.03 million ARB valued at $2.13 million for USDC. Both transactions took place on Tuesday. These developments likely contributed to the overall decline in L2 token prices.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-326367 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/arb-coin-turk-com-.jpg" alt="" width="1436" height="1500"></p> 
<p style="text-align: justify">The cryptocurrency Ethereum’s price reached its highest level of 2024 at $4,093 on Binance earlier today. However, since then, there has been a pullback, and it is currently trading at $4,028. While Bitcoin breaks records, it’s worth noting that Ethereum’s price has yet to surpass its own record of $4,868. Let’s see what direction the ETH price will take after the update.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-layer-2-tokens-dip-as-whales-move-holdings/" data-wpel-link="internal">Ethereum Layer-2 Tokens Dip as Whales Move Holdings</a></h5>

Ethereum Layer-2 Tokens Dip as Whales Move Holdings

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