Arthur Hayes, a well known crypto investor and former CEO of BitMEX, has reportedly made a significant buy of the little-known altcoin Aethir (ATH), amounting to 11.4 million tokens, valued at roughly $779,000. This transaction was recognized and reported by on-chain information analytics agency Lookonchain. Based on the agency, the acquisition was made on crypto trade OKX.
Shortly after Hayes’ acquisition, one other buy was reportedly made by a whale. A unique nameless investor acquired 28.87 million ATH, price round $1.95 million, throughout a number of exchanges together with Bybit, KuCoin, and OKX, as per information by Lookonchain.
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This flurry of exercise comes simply three days after Hayes’ latest forecast in his newest essay, suggesting a possible upswing within the crypto market starting in September 2024. Hayes acknowledged, “In any case, I anticipate that crypto will exit its sideways-to-downward trajectory beginning in September. As such, I’ll reap the benefits of this late northern hemispheric summer time weak spot to load up on crypto threat.”
Hayes didn’t identify any particular altcoins he’s shopping for, however seemingly Aethir (ATH) is one in all them. Discussing the broader market, Hayes expressed his anticipation for a resurgence in altcoins, contingent upon main cryptocurrencies like Bitcoin and Ether breaking vital worth boundaries.
He remarked, “Alt szn will return solely after Bitcoin and Ether decidedly break via $70,000 and $4,000, respectively. […] The mix of a greenback liquidity-inspired Bitcoin and Ether rally into year-end will create a powerful basis for the return of a horny shitcoin soiree.”
Crypto Newcomer: What Is Aethir (ATH)?
The Aethir (ATH) token is the native cryptocurrency of the Aethir community, integral to its decentralized GPU cloud infrastructure. ATH operates as a utility and governance token inside the Aethir ecosystem, which is targeted on offering decentralized cloud options for AI and gaming via its Distributed Proof of Infrastructure (DePIN) know-how.
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ATH tokens have a number of key makes use of. ATH is used to pay for companies like renting GPU assets for AI processing and cloud gaming. Token holders can vote on numerous proposals affecting the community’s future. Furthermore, ATH rewards individuals within the community, notably those that function Checker Nodes and contribute GPU energy via units just like the Aethir Edge.
The Aethir community emphasizes neighborhood participation and decentralization, aiming to distribute ATH tokens extensively through mechanisms like airdrops and incomes alternatives via the Aethir Cloud Drop marketing campaign. This marketing campaign permits neighborhood members to earn ATH by taking part in actions that assist community progress and engagement.
The token has a circulating provide of roughly 4.056 billion items, with a market cap of round $276 million. Thus, ATH is just the 215th largest cryptocurrency by market cap. Within the final 24 hours, buying and selling quantity is kind of elevated with $91.15 million, though it’s down -63%, ATH quantity remains to be ranked 56th (24h).
At press time, ATH traded at $0.068059, down -4.6% within the final 24 hours.
Featured picture from YouTube, chart from TradingView.com