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Home Markets Cryptos

Ethereum whale transfers $76 million worth of cryptos

Olumide Adesina by Olumide Adesina
September 7, 2020
in Cryptos
Two Ethereum Whales move 53,455 ETH, as DeFi tokens gain popularity
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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.

READ: 7 key takeaways from Facebook’s Cryptocurrency, Libra

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🚨 🚨 🚨 🚨 🚨 🚨 🚨 216,016 #ETH (76,083,859 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/4eSvZFlIaK

— 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.

READ: Buying signs: Ethereum’s total coin supply held off exchanges continues to rise

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.

READ: Consortium of Western investors to inject upwards of $5 billion in Nigeria’s renewable energy sector

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.


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Tags: BlockchainCryptocurrencyETH whaleEthereumGassmart contractWhale alert
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Frank Ebenezer says:
    September 8, 2020 at 5:17 pm

    How do I invest in this

    Reply

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