Ethereum Whales are sure on the move, as the world’s second most valuable crypto by market value keeps gaining traction at breakneck speed.
A recent data feed on Whale Alert revealed that a large entity transferred 169,296 ETH worth 64 million from an unknown wallet to another unknown wallet.
At the time of writing this report, Ethereum traded at $378.80 with a daily trading volume of $11 billion. ETH price is down -0.7% in the last 24 hours.
Also, it’s critical to note that data visualization seen from Santiment Research Company, showed the bullish divergence forming on this blue hot crypto.
It said: “Ethereum NVT model, which measures the health of the asset’s token circulation compared to current market cap, is indicating that we’re projected for a 6th straight month of bullish divergence. Beginning its first bullish month of 2020 on Santiment’s model at $134 in March, seven of the past eight months have shown a bullish divergence.
“This has predictably resulted in the price propelling itself +187% since.”
What it means
Traders or entities who own a large number of Ethereum are typically called Whales. This means that an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.
Nairametrics had earlier observed the high movement by these Whales, as 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.
- Ethereum supports smart contracts on which developers can write code in order to program digital value.
- Examples of decentralized apps (dapps) that are built on Ethereum include tokens, non-fungible tokens, decentralized finance apps, lending protocol, decentralized exchanges, and much more.