After a steep correction observed across the entire crypto market on Wednesday, an ETH Whale has now reportedly moved a massive chunk of the altcoin. The second-largest digital currency dropped as low as $2,000 and is currently at $2,767 (at the time of writing).
According to an on-chain Whale Alert, a large sum of Ethereum has been transferred from one unknown wallet to another, which is reported to be around $359,679,594 million or 130,000 ETH.
The transaction of Ethereum on such a large scale has left the crypto enthusiasts stunned and wondering if it is time for ETH to outshine other digital currencies in the market. After reaching an all-time high of $4,323 last week, the popular altcoin was seen slightly above $2,000 as shown in the graph by CoinGecko here.
However, despite the near-catastrophic correction of the digital currency, the large ETH transaction has sparked rumors and speculations that it might surge higher in the future.
Trail of the ETH Transaction
The unknown wallet that received the 130,000 Ethereum became the 115th richest Ethereum wallet for a short period. Soon after the first transaction, 110,000 out of 130,000 ETH was given away by the receiving party. The 110,000 Ethereum was transferred by the recipient to Celsius Network, which is a crypto banking platform.
Here are some other details noted for the massive ETH transaction.
- There is more than $25 million worth of ETH in the wallet of the address that made the transaction.
- The ETH Whale also holds ERC20 tokens worth more than $300 million.
- Approximately 70,000 Ethereum worth $200 million were also noted to be received by the sending address, a few hours before it made the first transaction.
The full details of this transaction are yet to be disclosed. However, it has led people to be optimistic regarding the future of ETH and especially its price and utility.
Are you Looking to Be an Ethereum Investor?
Ethereum is the second-largest digital currency in the world that has grabbed the attention of many crypto enthusiasts and investors. Many ETH enthusiasts in the market have been anticipating a time where Ethereum will outperform Bitcoin. While this is yet to happen, crypto enthusiasts are still hopeful after the unknown transaction of such a large ETH sum.
If you are also a crypto enthusiast and have been planning to invest in ETH then you must choose exchanges such as SwissBorg or Kraken. After investing in Ethereum you can also consider becoming a trader by using ByBit, which is one of the most well-known exchanges in the market.
The world of crypto is full of opportunities for interested parties, even if they do not have enough experience or time on their hands. For people with a demanding schedule and little expertise, copy-trading is a suitable option, where they can mirror the trades of an expert trader without constantly monitoring the market trends and more.
Also ne of the top exchanges people can use for copy-trading is PrimeXBT Covesting.