Ethereum whales are definitely up to something of late; major entities, often called whales, have increased the movement of their Ethers in large quantities, as ETH prices rebound lately.
Data from advanced crypto tracker Whale Alert revealed an unknown ETH whale moving 216,016 ETH worth $76 million, transferred from an unknown wallet to another unknown wallet just a few hours ago.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 216,016 #ETH (76,083,859 USD) transferred from unknown wallet to unknown wallet
— Whale Alert (@whale_alert) September 6, 2020
As at the time this report was drafted, Ethereum traded at $354.36 with a 24-hour trading volume of $21 billion. ETH price is up 5.5% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.
Nairametrics had in recent times, observed the high movement by these Ethereum whales as these large entities have purchased almost half of all the Ethereum mined so far in 2020
This is clear evidence that major investors are now looking at the future potential of ETH as an investment despite the recent sell-offs recorded in the second most capitalized crypto market.
What is an Ethereum Whale?
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.
What you need to know: Ethereum is a cryptocurrency created for the deployment of smart contracts and decentralized applications that are designed and operated without any fraud, interruption, control, or interference from a third party.
While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).
On Ethereum, all transactions and smart contract executions require a small fee to be paid called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.