The Liquid Restaking Token, EZETH, has undergone a significant depegging event, plummeting from a peak of $3,279 to a low of $2,480 within the span of 24 hours.

This sudden price movement has caught the attention of crypto enthusiasts and investors alike.

A notable whale identified as 0xaa1, linked to the address “czsamsunsb.eth,” has capitalized on this opportunity by executing a series of strategic swaps. Over the past 4 hours, the whale has exchanged 4,499 ETH for 4,692 EZETH, leveraging the depegging of EZETH against ETH to their advantage.

Wallet 0xaa1 (linked to “czsamsunsb.eth”) made 193 $ETH (~$600K) in only 4 hours after $EZETH (#Renzo Restaked ETH) lost peg!

So far, the whale has swapped 4,499 $ETH for 4,692 $EZETH since the depeg occurred allegedly due to poor liquidity in Uniswap 4 hours ago, now making 193… pic.twitter.com/oJmKTR6io5

— Spot On Chain (@spotonchain) April 24, 2024

The depegging of EZETH is reportedly attributed to liquidity issues on the Uniswap platform, leading to a temporary drop in EZETH’s price to as low as $688 during a specific time window (10:35-11:05 UTC+8). This liquidity constraint has created favorable conditions for opportunistic traders like the aforementioned whale to profit from the price disparity between EZETH and ETH.

The swift actions of the whale have yielded significant gains, with an estimated profit of 193 ETH (approximately $600,000) realized within just 4 hours. Despite the initial success, the whale appears to be continuing their strategy of swapping more ETH for EZETH to capitalize on the ongoing price differentials.

As of the latest data, EZETH is currently trading at $3,170, signaling a partial recovery from its recent depegging event. However, market participants remain cautious, closely monitoring further developments and potential fluctuations in EZETH’s price.

The situation underscores the dynamic nature of the crypto market, where rapid price movements and liquidity fluctuations can present both risks and opportunities for traders. 

Moving forward, stakeholders will continue to observe the EZETH market closely, assessing the implications of the depegging event and its impact on the broader cryptocurrency ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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