Ethereum whales are on the rise, of late. This is because the second most valuable crypto continues to remain attractive to many investors and crypto-traders.
Data from an advanced crypto tracker, Whales Alert, showed that an ETH whale moved 62,134 ETH (24,079,813 USD) from an unknown wallet to another unknown wallet.
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🚨 🚨 62,134 #ETH (24,079,813 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) August 27, 2020
Priced at $387 as at the time of this writing, the increased activity is a good long-term sign of things to come for Ethereum holders.
Ethereum 24-hour trading volume is $8,717 billion. ETH price is up 1.4% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
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What are Ethereum whales?
In the Ethereum world, traders or investors who own a large number of Ethereum are typically called whales. This means an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.
Meanwhile, Ethereum’s daily transaction count neared an all-time high this week. Its ATH of 1.34 million was set on Jan 4, 2018, when Ethereum had an average market price of $1,042. Just last week, its transaction counts were within a shouting distance at 1.27 million.
READ ALSO: Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity
Why are ETH whales becoming popular?
Nairametrics believes that the recent whale movements are triggered by the DeFi token phenomenon which uses the ERC-20 protocol for facilitating transactions. Ethereum 2.0, the long-term protocol upgrade of Ether’s parent network, is set to launch its final testnet this month.
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Things you need to know about Ethereum
Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
It is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.