Ethereum Whale Account Trades 100,000 ETH Coins Amid Price Drop

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Ethereum, the world’s second largest cryptocurrency, has fallen sharply in price in recent days. Amid the dip, an ETH whale has transferred a significant amount of money to an unknown wallet. The value of the transaction – 100,000 ETH coins, approximately $181 million (approximately Rs. 13,500 crores) – was highlighted by Whale Alert, a blockchain tracker and analytics firm. Hours after the trade, Ethereum is trending upward, gaining more than 6 percent in just 24 hours. Given the positive market trend, the person who bought the digital coins will benefit greatly from the transaction. (MATIC) Polygon price has risen.

In finance, a “whale” is an entity with sufficient power to influence the market of an asset by triggering massive transactions. However, the main problem with whale accounts is that they often accumulate billions in digital coins, giving them the ability to single-handedly influence the cryptocurrency market.

According to data published by Whale Alert, the transaction took place around 9:30 p.m. (IST) on Monday. At that time, the Ethereum price was about Rs 1.36 lakh. However, in the past 24 hours, the cryptocurrency has appreciated more than 6 percent, according to data from Coinbase.

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Even on its official Twitter handle, Whale Alert mentioned the transaction. “100,000 #ETH (181,944,560 USD) transferred from #Gemini to unknown wallet,” read the tweet. Ethereum, the Bitcoin rival, has an estimated market cap of Rs 16.2 trillion, according to Coinbase. The recent price drop has been partly attributed to the fact that one of its co-founders has left the cryptocurrency industry. Chainlink – LINK price has risen.

Anthony Di Iorio, who helped build Ethereum in 2018, said he quit the cryptocurrency ecosystem because he wants to solve “big problems”. The 48-year-old told Coindesk that he doesn’t want to be known “as a crypto person”, but instead wants to be known as a “troubleshooter”.