Genesis Global Capital is a cryptocurrency lender that recently filed for bankruptcy. It had a creditor who reportedly sold 12,100 ETH. That’s possibly to recover investments. Meanwhile, interest in $RABT tokens has surged, and over 3,000 investors have already bought the tokens. Top crypto experts also believe that Raboo is among the best cryptocurrency investments that emerged this year. What are the potential impacts of this large ETH sale on its market value and why does the demand for the DeFi Network Raboo keep rising?
Genesis Trading is currently undergoing a bankruptcy process. During this time, one of its creditors recently sold a large amount of Ethereum . Specifically, in just three days, this creditor sold 12,100 ETH, which is worth about $31.43 million.
This started on September 23, when the creditor began to sell off their Ethereum holdings. Within three days, they moved 12,100 ETH to the FalconX exchange and sold all of it. Amid this development, ETH is still trading positively; its price has increased over the past seven days by 4.33%, reaching a current price of $2,671.68.
However, under normal circumstances, when large amounts of cryptocurrency are sold, it can lead to sudden price changes. As a result, experts caution that selling large quantities like this may, in the near future, lead to a drop in ETH’s price, especially if it triggers panic selling by others in the market.
As creditors sell 12,100 ETH from the Genesis bankruptcy, 3,000 eager investors have also sown interest. They don’t want to miss the chance to purchase Raboo’s presale tokens. This surge in interest highlights a growing excitement around innovative projects like Raboo. It is actively on the quest to revamp the meme world in both the Web2 and the Web3 ecosystem.
One intriguing thing about Raboo is that it offers unique NFTs to presale token holders. They also come with potential rewards and perks that enrich the experience of owning them. The NFT offerings are designed to engage users further, making them feel connected to the evolving meme ecosystem.
Moreover, Raboo introduces an exciting Post-to-Earn platform that empowers users to monetize their social media presence. In today’s digital age, every like, share, and comment can translate into real-world rewards. This means that users can earn while they engage with their communities, turning their online interactions into tangible benefits.
One other reason that might have convinced over 3,000 investors to purchase RABT is its excellent presale. In this phase, RABT has already delivered over 90% ROI to early investors. Interestingly, those who choose to purchase the presale tokens haven’t totally missed out. That’s because analysts predict that once the token lists, it will likely surge by 100x.
The recent sell-off of 12,100 ETH by a creditor from Genesis Global Capital amid its bankruptcy proceedings underscores how volatile the cryptocurrency market can be, with experts warning of potential price drops for Ethereum as a result. However, this backdrop has not deterred investor enthusiasm for emerging projects like Raboo, which has successfully attracted more than 3,000 buyers for its RABT tokens during the presale, thus highlighting a strong appetite for the DeFi network as a potential solution to the scalability issues ravaging the meme sector.
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