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Ethereum whale transfers $76 million worth of cryptos

Ethereum whales are definitely up to something lately; Large entities, often called whales, have been increasing the movement of their ethers in bulk as ETH prices have been bouncing back lately.

Data from advanced crypto tracker Whale Alert revealed an unknown ETH whale moving 216,016 ETH worth $76 million transferred from one unknown wallet to another unknown wallet just a few hours ago.

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? ? ? ? ? ? ? 216,016 #ETH (76,083,859 USD) were transferred from an unknown wallet to an unknown wallet


— Whale Alert (@whale_alert) September 6, 2020

At the time of writing, Ethereum is trading at $354.36 with a 24-hour trading volume of $21 billion. ETH price is up 5.5% in the last 24 hours. It has a circulation supply of 110 million coins and a maximum supply of ∞ coins.

Nairametrics had recently observed the strong movement of these Ethereum whales as these large entities have bought almost half of the Ethereum mined so far in 2020
This is clear evidence that big investors are now considering ETH’s future potential as an investment, despite the recent sell-offs recorded in the second-largest crypto market.

READ: Buy Signs: Ethereum’s total coin supply held back by exchanges continues to rise

What is an Ethereum whale?

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.

What you need to know: Ethereum is a cryptocurrency created for the deployment of smart contracts and decentralized applications that are developed and operated without fraud, disruption, control or interference from third parties.

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While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).

On Ethereum, all transactions and smart contract executions are subject to a small fee called gas. Technically, gas is the unit of measure for the computational effort required to execute an operation or smart contract.

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