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- What is Energy Web Token?
- What will happen to BlackRock’s stake?
Corresponding moodthe address associated with BlackRock, recently got rid of its only holding, which is not a mainstream cryptocurrency but a relatively small Energy Web token.
What is Energy Web Token?
Energy Web Token ranks 189th among the top cryptocurrencies ranked by market cap, which is why it is considered a relatively small token and also most of the crypto community was surprised to see it only on the BlackRock wallet.
🔋 #EnergyWebToken been on quite a journey for the past week as #Blackrock‘s only address holding $1 million or more $EWT leaving. Our latest insights include whale activity, dormant token moves and volume spikes, and much more. đź‘Ť https://t.co/bbrbF26LN0 pic.twitter.com/GuCATxAwq6
— Santiment (@santimentfeed) August 14, 2022
The EWT token is the operational token of the Energy Web Blockchain, a virtual machine designed to support and develop the energy sector. The project was already started in June 2019 with the foundation behind the project.
The aim of the project is to enable developers to create decentralized applications and solutions for the energy sector, which is relatively alienated from the blockchain industry. The virtual machine is expected to bring numerous benefits to all areas of industry, including networking, software development and energy.
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What will happen to BlackRock’s stake?
Unfortunately for EWT investors, the wallet recently dumped all of its holdings. The sale of $1 million worth of tokens was carried out after the token price rose to $3.6. Luckily, the rally continued as the token’s price recently hit a new high of $4.1.
The decision to sell the token was most likely based on the speculative nature of the token’s recent rally. The asset’s price performance mimics the performance of cryptocurrencies such as Dogecoin, Shiba Inu and other highly speculative tokens and coins.