The price of Ethereum, the world’s second largest cryptocurrency, has fallen sharply over the past few days. Amid the fall, an ETH whale transferred a huge amount to an unknown wallet. The value of the transaction is 100,000 ETH coins i.e. approximately $181 million (approximately Rs 13,500 crore). This was highlighted by Whale Alert, a blockchain tracker and analytics company.
The price of Ethereum reportedly increased by over 6% after the transaction.
Ethereum is showing an upward trend with a gain of over 6% in just 24 hours a few hours after the transaction. Considering the positive trend of the market, the person who has bought the digital coins will benefit immensely from the transaction.
In the world of finance, a “whale” is an entity that has enough power to influence the market of an asset by triggering large-scale transactions. However, the main issue with whale accounts is that they often accumulate billions of dollars worth of digital coins, giving them the ability to influence the cryptocurrency market alone.
According to data published by Whale Alert, the transaction took place at around 9:30 pm (IST) on Monday. At that time the price of Ethereum was around Rs 1.36 lakh. However in the last 24 hours this coin has risen by over 6% according to Coinbase data.
Even Whale Alert on its official Twitter handle informed about the transaction. “100,000 #ETH (181,944,560 USD) transferred from #Gemini to unknown wallet,” read the tweet.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 100,000 #ETH (181,944,560 USD) transferred from #Gemini to unknown wallethttps://t.co/c2iHFWz4Mw
— Whale Alert (@whale_alert) July 19, 2021
In a similar transaction in early June, a cryptocurrency whale moved 50,000 ETH coins from an unknown wallet to an unknown wallet, Whale Alert reported.
Bitcoin rival Ethereum has an estimated market capitalization of Rs 16.2 trillion according to Coinbase. The recent drop in its price is partly attributed to a move by one of its co-founders to leave the cryptocurrency industry.
Anthony Di Iorio, who helped build Ethereum in 2018, said he left the cryptocurrency ecosystem because he wanted to solve “big problems”. Anthony told Coindesk that he does not want to be identified “as a crypto person,” but as a “problem solver.” He is reportedly involved in Project Arrow, which is working on building a zero-emissions vehicle.