2020-09-11 08:00:00

Two Ethereum whales transfer $93 million worth of cryptos, price stays above $355

It seems that large entities are showing more interest lately in moving the second most valuable crypto asset more frequently as Ether prices rebound.

Data from advanced crypto tracker, Whale Alert, showed that two unknown ETH whales separately moved 250,908 Ether coins worth about $92.993 million transferred from unknown wallets, a few hours ago.

READ: Crypto: LEND gains more than 4000% in one year, set to rally higher  


Why this move?

Nairametrics believes that the recent whale movements are triggered by the recent rebound in Ether prices. Ethereum’s price today is $358.66, with a daily trading volume of $5.3 billion.

It has a circulating supply of 110 million coins and a max supply of ∞ coins. It should also be noted that the recent rise of DeFi has exponentially amplified the rise of the whales.

READ: Population of holders of at least 0.1 Bitcoin surpasses 3 million

Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.

These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

READ: Unknown Ethereum Whale transfers a whopping 89,874 ETH

What are Ethereum whales?

In the Ethereum world, traders or investors who own large numbers 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.

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.

READ: FG to save N1 trillion annually from petrol subsidy removal

Ethereum 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.

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