Vitalik Buterin Moves This Altcoin! So why?

Vitalik Buterin, co-founder of Ethereum (ETH) and one of the most influential people in the industry, is one of the people who owns a huge amount of altcoins. While not every address of Buterin is known, a wallet thought to belong to him has been on the move recently. This activity has not gone unnoticed by the cryptocurrency community. Here are the details…

Big whale made a $12 million transfer: Vitalik Buterin?

The co-founder of the Ethereum network, the largest altcoin, has transferred nearly $12 million worth of cryptocurrencies between wallets in the past 20 days. Suspicious activity immediately caught the attention of the crypto community. According to LookOnChain’s analysis, the whale address ending in 0x9e92, which has received 9,300 ETH in the last 20 days, may somehow be tied to the developer himself. According to many, the address used to send money most likely belongs to Buterin, as the name ends with “0xd04d” and only receives funds from his Vb3 wallet.

After the latest transfer, it seems that the whale has a total of 170.913 Ethereum (ETH) in hand. This amount is equivalent to $260 million. This practically makes the whale one of the largest Ethereum holders in the market. The history of the transaction shows no activity to suggest that the whale was actually linked to a particular exchange or functioning as an OTC desk.

Transactions by Buterin have often resulted in an increase in Ethereum’s market volatility, as until now investors often follow the accounts of crypto influencers, projects and developers. Even as some community members assume Buterin is willing to sell some of his holdings, Ethereum is trading at a substantial premium compared to the price we saw in the market about two weeks ago.

The critical staking process begins in the Ethereum market

Meanwhile, on the Ethereum network, users are focused on the upcoming date to withdraw their staked ETH. According to BeaconScan data, Ethereum’s validator count has exceeded 500,000. It was recorded as 501,893 as of Monday. A “verifier” is a user in a proof-of-stake network that helps verify transactions and incoming blocks and occasionally proposes new blocks. As we have also reported as Kriptokoin.com, in order to be a validator, users must deposit at least 32 ETH as an initial investment.

The number of validators of Ethereum has steadily increased since the launch of Ethereum’s Beacon Chain in December 2020. However, these validators have been prevented from withdrawing the coins they have staked so far for security reasons. Despite many delays, Beacon Chain was finally merged with Ethereum’s execution layer in September 2022 and the network’s proof-of-work mechanism was converted to proof-of-stake. Ethereum developers have since promised to prioritize withdrawals, with the functionality expected to reach the public testnet in February and launch on the mainnet in March.