Ethereum whale transfers $78 million worth of Cryptos

The number of Ethereum whales has been on the rise since the beginning of the COVID-19 pandemic and they have been making headlines, as larger entities cash in on the second most valuable crypto market by market value.

Data from advanced crypto tracker, Whale Alert, revealed an unknown ETH whale moving 201,136 ETH worth $78 million, transferring from an unknown wallet to another unknown wallet just a few hours ago.

At the time this report was drafted, data retrieved from Coingecko, showed that Ethereum traded at $386.10 with a daily trading volume of $15 billion. ETH price is up 2.0% in the last 24 hours. It has a circulating supply of 110 million coins, and a max supply of ∞ coins.

What it means: Nairametrics had earlier 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.

What is an Ethereum Whale? Traders or entities who own a large number of Ethereum are typically called whales. This means than an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

What you need to know: Ethereum is a global, open-source platform for decentralized applications. In other words, the vision is to create a world computer that anyone can build applications in a decentralized manner, while all states and data are distributed and publicly accessible.

Ethereum supports smart contracts in 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.


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