• Fri. Jul 12th, 2024

Ethereum Whales Raise Attention Makes Major Transfer to Kraken

Maria Bartiromo

ByMaria Bartiromo

Jun 12, 2024
Number of Ether Whales Has Started Increasing Since 30% Price Drop

Ethereum (ETH) whales have started moving enormous quantities of digital assets to Kraken, which has generated much attention and conjecture within the cryptocurrency community. This revelation has sparked excitement and expectation among investors and grabbed market analysts’ attention.

According to multiple significant transactions discovered, millions of dollars worth of Ethereum were transferred from private wallets to Kraken over the last week. The price volatility of Ethereum has escalated due to these transactions, which are frequently linked to notable fluctuations in the market.

According to the blockchain tracking website Whale Alert, it entailed transferring 50,000 ETH to Kraken, which was worth almost $100 million. Many hypotheses have been proposed to explain the reason behind these large-scale transfers. The widely held belief is that whales are getting ready to sell off some of their assets.

Lucien Renard from Coinotag explained that there’s a chance that whales are giving Kraken their assets so they can stake them. Renard added that with Ethereum staking, which Kraken provides, users can participate in the network’s proof-of-stake consensus process and earn rewards. 

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Industry Observers Say Transfers Has Connected To Latest Announcement

Some observers speculate that these transfers might have something to do with announcements or forthcoming changes within the Ethereum ecosystem. The identification of the transactions coincided with a spike in volatility for Ethereum’s price, with significant swings in both directions.

Some traders interpret the transfers as pessimistic, believing that a significant sell-off may lower prices. Meanwhile, Trading data from June 8th, 2024 shows that an unknown Ethereum whale who has been running a dormant account since 2015 today moved 15,200 ETH worth $56.1 million to Kraken cryptocurrency exchange.

According to some historical trading records published on the Coinotag platform, such huge transactions were made between 2020 and 2021, revealing that approximately 150,000 ETH worth $553 million have been transferred. Ethereum is trading at $3,683, with a 3.53% drop as of press time.

Solana Records Major Transfers Amid Ethereum Transfer Rave

With its shift to proof-of-stake, Ethereum 2.0, the network’s major upgrade, is expected to provide enhanced scalability, security, and sustainability. Ethereum is the foundation of two of the most active cryptocurrency sectors: non-fungible tokens (NFTs) and decentralized finance (DeFi).

Multiple major transactions have been reported on the Solana network that has triggered some curiosity among market watchers and investors alike. According to documented market data by Whale Alert, there have been many large amounts of Solana transfers, with one of them amounting to 993,453 SOL, valued at  $189.55 million.

This development was later followed by another major transfer amounting to 1,895,729 SOL, worth  $361.7 million. Other major transactions recorded so far include 1,096,940 SOL, worth $209.29 million, and 1,000,000 SOL, worth  $190 million. Investigations show that RCO Finance, a real-world assets trading platform, is gradually sweeping the cryptocurrency market, gaining the attention of top industry investors.

RCO Finance Explains Activity, Introduces Token 

The company had developed its trading platform with an automatic AI tool that encourages trader’s activities by allowing them to participate with a minimal user effort. This, in turn, makes it a viable trading tool for both newbies and expert traders. The company says it is well positioned as an industry major players as the new trend of asset tokenization continues to grow.

Describing the future of RCO Finance, the company said the platform comes with an AI-induced robot advisor conducting a comprehensive trade analysis before executing it. The technology offers users around 50X trading leverage on trades and an Automated Market Maker (AMM) feature that augments an individual’s trading ability.

The R”OF,  the official token of RCO Finance, is looking up in performance. The token is currently trading at $0.0127 and is currently in its first presale phase. There have been predictions that the token will rise substantially after the end of phase 2. Analysis shows that early investors are likely to gain up to 4,000% Return On Investment (ROI) at the end of the first phase of the presale when it must have reached  $0.6.

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Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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