SSV Network Prices Free Falling After Founder Joins Israeli Army, What’s Next?
12 Ottobre 2023 - 2:00AM
NEWSBTC
Alon Muroch, the founder of SSV Network, has
been drafted into the Israeli Army, according to an X
post shared on October 10. Following this news, SSV, the native
token of the SSV Network, fell 5%, dropping below the $14 mark. At
this pace, SSV is moving closer to its all-time low of around
$13.40, registered in September 2023. SSV Founder Getting Drafted
In response to the ongoing crisis in the Middle East, Muroch stated
that the situation on the ground is “much worse than described.”
The founder said that being drafted into the army might help “tip
the scale” and improve the situation on the ground. Related
Reading: No Love For FTX: Ex-Girlfriend Delivers Scathing Testimony
Against Sam Bankman-Fried The escalation in the Middle East as of
this week has created a humanitarian crisis leading to loss of
lives and destruction of property. As of writing on October 11, it
is unclear whether Muroch has been mobilized and actively serving
in the military. Although this news didn’t immediately impact
sentiment, blockchain analysis platform Lookonchain picked out
two notable transfers. Two addresses, “ikuvc.eth” and “0xF447,”
deposited 18,055 SSV worth over $250,000 to Binance, a leading
exchange. Transfers to centralized exchanges usually indicate
a potential intention to sell. Even so, it still needs to be
determined whether these addresses have liquidated their tokens for
other currencies, usually USDT or more liquid and stable tokens
such as Bitcoin (BTC) or Ethereum (ETH). SSV remains under
pressure at spot rates. The token is down 5% on the last trading
day, extending losses, collapsing from its all-time highs of nearly
$100 when it first listed on Binance. Currently, SSV is down by
over 95% from its peak, highlighting the dicey state of the token
and how unfavorable the markets have been in the past eight months.
SSV Network Still Under Development The SSV Network aims to
strengthen Ethereum by allowing anyone to become a validator
without necessarily operating a node. Ethereum is a proof-of-stake
network reliant on a web of validators for security. Related
Reading: Crypto Analyst Puts Litecoin Price At $84, Here’s The
Timeline The SSV Network uses the Distributed Validator Technology
(DVT). This system distributes the validator key among a network of
non-trusting nodes. The platform allows anyone to stake ETH without
running a full validator node, earning rewards. In doing so, SSV
Network aims to make staking more decentralized and accessible
while enhancing security and reliability. Currently, SSV Network is
still in development and permissioned. However, they plan to
update via a Permissionless Launch, broadening their base of
operators and validators. Feature image from Canva, chart from
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