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According to Santiment, the address associated with BlackRock has recently got rid of their only holding, which is not a mainstream cryptocurrency, but a relatively small Energy Web Token.
What Is Energy Web Token?
Energy Web Token is placed 189th in the top of cryptocurrencies sorted by market capitalization, which is why it is considered a relatively small token and also why most of the crypto community was surprised to see it only on the BlackRock wallet.
🔋 #EnergyWebToken has been on quite a journey this past week as #Blackrock‘s only address holding $1m or more on the $EWT exited. Our latest insight covers whale activity, dormant token movement & volume rises, and plenty more. 👍 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, which is a virtual machine designed for the support and development of the energy sector. The project was launched back in June 2019 with the foundation behind the project.
The project’s goal is to allow developers to build decentralized applications and solutions for a relatively alienated from the blockchain industry energy sector. The virtual machine is expected to bring numerous advantages to all areas of the industry, including grid operations, software development and energetics.
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What Is happening with BlackRock’s holding?
Unfortunately for EWT investors, the wallet has recently dropped all of their holdings. The sale of $1 million worth of tokens was conducted after the price of the token surged to $3.6. Luckily, the rally continued as the price of the token reached the new high of $4.1 recently.
The decision to sell the token was most likely based on the speculative nature of the most recent rally on the token. The price performance of the asset mimics the performance of cryptocurrencies like Dogecoin, Shiba Inu and other highly speculative tokens and coins.
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