EtherFi (ETHFI), a Ethereum-related token, experienced significant price drops in the last 24 hours after a wallet dumped 880 tokens worth $1.87 million onto the Binance platform.
The wallet, identified as “0x57C,” had previously received 10 million EtherFi tokens from the Etherfi team three months ago. The wallet now holds 8.82 million EtherFi tokens, worth around $18.43 million.
EtherFi showed a 6% daily decline in price, with a high of $2.2759 in the last 24 hours and an intra-day low of $2.0568. The token’s trading volume also showed a daily decline of 6.51%.
The EtherFi token, launched in March 2024, has consolidated prices around $3.00 to $4.00 levels since its initial price rally. However, the past week saw further price declines, driving the token to trade below $3.00, fueled by a selling pressure in the market.
After the bearish trend, the token and other cryptocurrencies showed signs of recovery, with prices climbing to weekly highs of $2.243 on July 8. However, the following days saw bearish movements, while leading cryptocurrencies in the overall market showed signs of bullish trends.
