Yuga exec warns about ‘true bear market’ Ether price as whales scramble

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🚨 Ether’s Death Spiral? Yuga Exec Predicts Crypto Armageddon 🤯

Yuga exec warns about ‘true bear market’ Ether price as whales scramble

Oh, joy! 🎉 It’s another day in the thrilling world of cryptocurrency, where the highs are dizzying, and the lows are… well, abyssal. Yuga Labs’ vice president of blockchain, known as “Quit,” is predicting that Ether might tumble to a shocking $200 in a full-blown bear market. That’s right, folks! An almost 90% plunge from its current price. 📉

In a post on X (not to be confused with the letter, but you know, the social media platform), Quit scoffed at the optimists suggesting $1,500 as the bottom. He believes we’re looking at a potential ETH abyss, echoing the depths of past bear markets. 🐻

“A true bear market target, if we’re just getting started, would be ~$200-$400. That’s an 80% drawdown from here, 90% total drawdown in line with past bear markets.”

But don’t worry, Quit’s got his parachute ready. He’s all comfy in his bear suit, and if you’re feeling uneasy, he advises selling your ETH stash before it becomes a bad memory. 😬

ETH Holders: Bulls vs. Bears 🏃‍♂️Vs. 🐻

Quit’s prediction sparked a debate among crypto enthusiasts. Some agreed, seeing further drops on the horizon, while others thought it would take a catastrophic event akin to the 2018 market apocalypse. 🌩️

One user, who set $1,800 as the bottom, realized it might have been too optimistic, contemplating a drop to $1,200. If Bitcoin dives to $66,000, they concede, Ether could indeed go lower. 😮

However, a dissenting voice argued that such a scenario would only materialize with a cataclysmic event. Unlike in 2018, institutions have embraced Ether, giving it a more robust foundation. 🏛️

Smart investors, they say, prepare for both scenarios, but being too pessimistic at the wrong time can be as costly as excessive optimism. 🙄

Whales Dive for Cover as ETH Prices Plunge 🐳💦

As Quit shared his gloomy forecast, Ether whales were busy trying to avoid being swallowed by liquidation. When Ether prices sank to a low of $1,791, these whales frantically shifted millions of dollars worth of ETH to shield themselves. 💸

One unlucky whale lost $32 million trying to dodge liquidation, leaving them with over $64 million at Aave, clinging to a liquidation price of $1,316. Another whale’s $121 million was on the brink as prices dipped below $1,800. 😨

An address rumored to be linked to the Ethereum Foundation injected $56 million in ETH into the Sky vault, raising its liquidation price to $1,127.14. But alas, it turned out to be a false alarm; the account wasn’t affiliated with the foundation after all. 🚨

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2025-03-11 16:57