The beginning of 2023 witnessed an impressive start for the crypto market, as its collective market cap surged from $794,812,541,836 to a peak of $1,282,636,649,161 on April 14, as reported by CoinMarketCap. However, in the following month, the market experienced a steady decline. Ethereum experienced a notable 6% value surge on May 5 but it has since entered a consistent downward trend. This decrease in price is not the only metric on the decline, there has also been a significant decrease in the supply of Ethereum available on exchanges. While Ethereum is on a bearish tide, a new meme coin Caged Beasts (BEASTS) is becoming the talk of the crypto town with its unconventional roadmap.
Ethereum’s Persistent Decline
Ethereum is trading at around $1,760 as of now, reflecting a loss of over 1%. This decline has persisted for the past seven consecutive days, according to the daily time frame chart.
Accompanying the price decline is a noteworthy decrease in the supply of ETH available on exchanges, as observed from Santiment data. The current supply on exchanges represents approximately 10.1% of the total supply, marking the lowest level seen since ETH began trading in 2015. This suggests a growing preference among individuals to hold ETH in self-custody, resulting in a record-high number of assets held off exchanges.
Analysing the flow of Ethereum on exchanges reveals valuable insights into the declining supply. CryptoQuant’s Netflow metric indicates a significant increase in outflows from exchanges in recent days. Although the Netflow is currently positive, it is substantially lower than the negative Netflows observed in previous days.
Moreover, the metric analysis indicates that more Ethereum has been leaving exchanges than entering them since the beginning of the year. This suggests that holders have diligently undertaken the task of securely safeguarding their valuable assets for an extended period, possibly intensified by the recent price decline.
It remains uncertain whether a rise in Ethereum’s price will encourage individuals to return their assets to exchanges, although it is a possibility. Nevertheless, at present, investors appear satisfied with holding onto their Ethereum, while still looking for new projects that can give them huge ROI. One such project is Caged Beasts (BEASTS).
Caged Beasts Reshaping DeFi
Caged Beasts (BEASTS) is a brand new meme coin project that is gearing up to launch a highly successful presale later this year, presenting a promising investment opportunity. Presales of meme coins typically provide tokens a discounted price, generating a buzz for those seeking the next big meme coin to rival the likes of Dogecoin and emerge as the next Shiba Inu killer. Caged Beasts is definitely a project to keep an eye on.
Caged Beasts represents the concept of Caged Liquidity, a project that prioritises transparency by securely locking up funds. Its ultimate objective is to revolutionise the financial landscape by introducing a decentralised system that aims to free investors from the feeling of being trapped, just like caged beasts. By ensuring the funds are securely locked, Caged Beasts sets itself apart from other tokens, emphasising transparency. The primary goal of Caged Beasts Coin is to reshape the finance industry through decentralization, aiming to break away from the sensation of confinement.
Here’s How Cage Beasts Will Unfold
The journey of Caged Beasts Coin can be divided into two vital stages. The initial stage is the pre-sale period, which lays the foundation for this revolution. Each stage of the pre-sale involves the injection of mutagens into animals, transforming them into fierce, powerful beasts thirsty for success. RABBIT 4001, the mastermind behind this transformation, enhances these creatures with cybernetics and weaponry. The once ordinary animals are now known as Caged Beasts, ready to shatter their cages and conquer the world.
The highly anticipated launch represents the moment when the world witnesses the liberation of the Caged Beasts. This event serves as a significant milestone in the ongoing revolution. The community members receive top priority access to all announcements, guaranteeing their active involvement in this exhilarating journey merely by signing up on the page.
Caged Beasts
Website: https://cagedbeasts.com
Twitter: https://twitter.com/CAGED_BEASTS
Telegram: https://t.me/CAGEDBEASTS