In a rather dramatic turn of events, the ethereal ETH has taken a tumble, descending more than 8% as the trading community is gripped by whispers of potential liquidation should the price dare to plummet to the ghastly depths of $1,100.
The air is thick with rumors on the social stage of platform X, where the crypto cognoscenti are abuzz with the possibility that the Ethereum Foundation may face a liquidation of a cool $100 million should Ethereum (ETH) continue its downward spiral into the abyss of $1,100.
“If the Ethereum Foundation gets liquidated at $1,100, it would surely end the simulation,” quipped a rather philosophical X account, no doubt between sips of a digital cocktail.
“The Ethereum Foundation getting liquidated at $1,100 will be this year’s FTX moment,” opined a trader, though they did temper their doom-scrolling with the observation that the EF would likely “just add collateral” if the specter of liquidation loomed.
As of the moment the ink dried on this missive, neither the Ethereum Foundation nor its illustrious co-founders have deigned to comment on these $100m liquidation rumors. Yet, the token’s trajectory has been less than illustrious, with ETH sliding nearly 10% in a week and a whopping 28% in a month. A true tragedy in the making!
Data from the oracles at crypto.news reveal ETH’s ignoble descent below the $2,000 barrier. It has tumbled more than 8%, currently changing hands at a mere $1,889. Only yesterday, on March 10, it fell to a new low of $1,791. The last time ETH was seen below $2,000 was in the waning days of 2023—a year that now seems a golden age in comparison.
The Spark Behind the ETH Liquidation Rumor Blaze
The speculative fever surrounding a potential Ethereum Foundation liquidation was sparked by a rather large deposit of 30,098 ETH into a Maker vault by a wallet suspected to be in the possession of the Ethereum Foundation. Many took this as a portent of impending liquidation, though Ethereum’s own Eric.eth and Sassal.eth have denied such a connection.
A Maker Vault, for the uninitiated, is a clever bit of Ethereum magic that allows users to dabble in the art of collateralized debt positions. The aforementioned wallet currently boasts 100,394.447 ETH as its collateral, with a debt position of 78,035,224.7182 DAI and a liquidation price of $1,127.065. Rather a risky game of high-stakes poker, wouldn’t you say?
Arkham Intelligence, in its infinite wisdom, flagged the wallet as potentially belonging to the Ethereum Foundation, though further investigation reveals that the wallet’s origins trace back to a certain jonny.eth, an early Ethereum investor, rather than the vaunted EF itself.
The confusion may arise from the fact that the wallet once received a princely sum of 4 million DAI from the Ethereum Foundation ETH Sale back in May 2022. A mere trifle, really, in the grand tapestry of digital fortunes.
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2025-03-11 12:40