An Ethereum ICO Moves 145,000 ETH Weeks Before Whale Merge

An Ethereum (ETH) whale that participated in an initial coin offering (ICO) and raised approximately 150,000 ETH in 2014 reactivated on 14 August after nearly three years of inactivity.

Whale Wallet moved 145,000 ETH to multiple addresses as Ether price reached a new 3-month high above $2,000. Transfers were made in batches of 5,000 ETH per transaction and some transfers of over 10,000 ETH. The total value of ETH transferred is over USD 280 million, and the wallet address currently has a balance of 0.107 ETH.

ETH whale wallet address movement. Source: Etherscan

The transfer of 145,000 ETH after the ICO was only the second instance in which there was any activity in the Whale Wallet, The first came in July 2019 when the wallet sent 5,000 ETH to Bitfinex with ETH trading for $219, and the entire transaction was valued at just over $1 million.

The movement of such large amounts of ETH attracted reactions from the community, with many saying it could be a potential sell-off before Fusion, the official transition from the current blockchain to proof-of-work (PoW) based proof-of-work. Off-stake (POS). However, it is important to note that most of the transactions take place in unknown wallets and not to an exchange.

Even if the whale eventually decides to sell its 145,000 ETH, the selling pressure of $250 million is not considered significant enough to pull the market down. Some others believe that whales may try to stake their ETH to become validators on the PoS network and generate passive income.

Ethereum’s transition to a POS-based network is planned for September 15. Following the successful merger of Goerly testnet with Beacon Chain (PoS chain active in 2020), Final exam before official transition.

The September 2022 merger is considered one of the most significant upgrades for the second-largest cryptocurrency since its inception in 2015. The three-stage transition process began in 2020, and after several delays and testnet integration, everything is ready for an official transition to PoS consensus in the third week of September.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information provided here should not be construed as financial advice or investment recommendation. All investment and commercial activities involve risk and it is the responsibility of each individual to do their due research before making an investment decision.

read on:

Source link

Leave A Comment

Your email address will not be published. Required fields are marked *