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Ethereum Whales Move: A large Entity Transfers 198,862 ETH

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A large body transferred 169,296 Eth worth  64 million from an undisclosed wallet to another anonymous wallet.

A current  data feed on Whale Alert via a recent tweet revealed that a large-scale Trader transferred 169,296 ETH worth 64 million dollars from an unknown wallet to another unknown wallet.

At the time of writing, Ethereum traded at $378.80 with a daily trading volume of $11 billion. ETH price is down -0.7% in the last 24 hours.

Traders  who own a large number of a particular cryptocurrency are typically called Whales. This means that an Ethereum whale could be someone who owns a single Ethereum address having around 1,000 Ethereum or more.

Read Also: Tax on Bitcoin Looms in For Nigerians As Coinbase Plans to Release Details of UK Users to the Taxman 

It was  earlier observed in the crypto space of  the high movement by these Ethereum 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.

The expected launch of Eth 2.0 that will help solve the high gas fees of the Ethereum network and aid scalability is also a big factor.

Ethereum supports smart contracts on which developers can write code in order to program digital value.

Popular Use Cases Of Ethereum Includes:

  • Building smart contract dapps
  • Setting up decentralized exchanges
  • Powering Lending Protocol
  • Creating Non-Fungible Tokens
  • Developing ERC20 Tokens

Ethereum is popularly referred to as the gateway to the new type of finance known as Open Finance. Open Finance is popularly known as decentralized finance (DeFi) in the crypto space.

Potential speedy launch of Eth 2.0 which is targeted at solving the scalability issue currently faced by the Ethereum Blockchain will help drive it’s usage more pass it’s competitors. 

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Data Scientist, Tech Enthusiast and a Crypto Lover