The power transition of Ethereum resembles a change of dynasties in the cryptocurrency world, with sudden shifts in the landscape!
Looking at the on-chain data, those once holding massive amounts of ETH are selling off faster than Xu Jiayin's retreat before the Evergrande crisis. Meanwhile, a group of new cryptocurrency elites, like sharks sensing blood, are frantically bottom-fishing. This scene feels familiar, reminiscent of the Bitcoin mining tycoons cashing out and fleeing back in the day.
Remember when Bitmain liquidated its holdings, and the price of Bitcoin plummeted from $1200 to $200? Everyone branded them as the 'villains of the cryptocurrency world.' But later, when Wall Street giants entered the scene, Bitcoin's price skyrocketed to nearly $60,000. Now, the veteran players of Ethereum are like Beijing natives holding onto their courtyard houses; if they don't sell their 'inherited ETH,' who would dare to easily pump the price?
Don't be fooled by the current brutal drop in Ethereum's value; this is actually a painful but necessary cleansing. Last year, a post-95 NFT entrepreneur converted all of his $50 million profits into Ethereum and often said, 'Old money doesn't die, new money won't come.' In my view, the more intense this reshuffling is, the crazier the future surge will be. Just like Dogecoin, whose founder left early, but is still being popularized by Musk today.
In this time of significant market change, besides focusing on mainstream coins like Ethereum, some emerging early token projects also hold tremendous opportunities, such as Trump Dog Co nan. It is currently in its early project stage, and early positioning might yield unexpected surprises.