• Wed. May 22nd, 2024

Ethereum Whale Sighting

Bitcoin whale sightings are rare but having the chance of Ethereum whale sightings is extremely rare.

However, this extremely rare phenomenon occurred recently when an Ethereum whale was spotted budging multi-year untouched Ethereum funds.

The sighting happened at the platforms of Poloniex and Genesis from where the whale shifted a total of 22,981.99 Ether coins.

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The movement of these Ether coins came as a surprise because the crypto market was still full of uncertainties and bearish sentiments.

Even if whales have to make a move in such situations, then usually their first choice is Bitcoin and not Ethereum.

However, Ethereum has managed to make its place as one of the most valuable and adopted cryptocurrencies in the entire crypto-verse.

Ether is among the mid-aged cryptocurrencies compared to XRP, Bitcoin, Litecoin, and many more. Still, it has earned the status of being the second-largest cryptocurrency because of its high demand.

The asset gain huge adoption as it was adopted by many developers who then moved on to launching several platforms that promoted ETH.

This way, the market of ETH has continued growing stronger and it has come to a point where it sees high demand among the whales.

Deciphering The Whale’s Intent

There has to be a reason behind the whale emerging on the surface. In this case, the whale used Genesis for moving 13,103.99 units of Ethereum and later Poloniex for shifting 9,897 units of Ethereum.

This whale sighting has subsequently intrigued a movement in which the community will try and decipher the intent behind the whale’s movement.

It has been for more than four years since the addresses, from where 22,981.99 Ethers have been moved, have made any transactions.

It may however be noted that the dormant Ether coins have not been disposed of. Instead, the 22,981.99 Ether coins have been moved into two entirely new and different addresses.

Hence, the people, trying to decipher the intent, may have been bamboozled instead of scratching their heads.

Initial Probe

The whale movement has been investigated by many experts and blockchain investors and one of them is Peckshield.

Peckshield’s probe suggested that the 22,981.99 Ether coins came into existence four years ago in October 2018. At the relevant time, the buyer may have bought these coins either at a price of US$190 or $230.

What is certain is that when these Ethers have been moved recently, Ethereum was valued at $1,200 per coin on that day.

Thousand Dollar Bonus against Whale’s Each Ether Coin

This means that whale’s Ether holding would return the owner roughly a $1,000 bonus against each Ether coin.

If one were to value 22,981.99 Ether coins @$1,200 each then the same would exceed $275 Million i.e. $27,578,388 exactly.

In October 2018, however, the value could have been not more than 4,366,578.1 or 5,285,857.7.

Since October 2018 to date, the whale’s Ethereum holding has accumulated a profit of more than $23 Million.

According to intent deciphers, they are of the view that the move could have been made for pooling the funds into some project. The majority believes that the Ether funds would land in a DeFi project or may be deposited as collateral.

Side Story

On a side note, the news is making rounds in global media involving Ethereum.

The news item suggests that Visa Inc. has launched a new facility exclusively for Ethereum owners.

News item claims that Ethereum users can directly send payments from their digital wallets without engaging with intermediaries.

Visa’s move has come at a time when the crypto economy has half-reduced from its peak of over $4 Trillion economy.

Ethereum was trading at a price above $4,500 a year ago when crypto winter hasn’t prevailed.

It was mainly after 15th November 2022 that the global crypto economy started to reduce.

As of today, Ethereum’s base value has declined from $4,500 to $1,200. Hence, Visa’s launching of the Ethereum facility seems surprising instead it is based on a rationale.

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