A wallet heavily invested in Ethereum (ETH), the second largest network in the market, suddenly woke up. Here are the details…
Wallet that has been sleeping since Ethereum ICO wakes up
According to the latest reports, an Ethereum wallet that had been dormant since the ETH ICO has suddenly woken up. Transferred a large amount of tokens to the list of unmarked wallets. Total amount divided by 5,000 ETH per wallet. The first source of ETH for Whale was participation in the Ethereum Genesis ICO that took place in 2014, where the foundation offered 1 ETH for $0.31. Unfortunately, the whale decided to sell some of the ETH obtained on the Bitfinex exchange on July 31, 2019 for $219 per token. The total value of the deal was approximately $1 million.
Ethereum Genesis ICO giant whale 0x4bAf012726CB5EC7Dda57Bc2770798A38100C44d is active again after nearly 3 years of dormancy. Since yesterday, a total of 145,000 ETHs have been transferred out and distributed to multiple wallets. Wallet link: https://t.co/hpLujWwxWi
— Wu Blockchain (@WuBlockchain) August 15, 2022
As of today, the remaining 145,000 could easily be sold for around $250 million given the potential drop that such a large deal could cause momentarily if sold by market order. But at the same time, the coins in the transaction do not seem to go to the stock market. Therefore, the whale is unlikely to sell what it has. The most likely scenario is that the investor opens some Ethereum 2.0 nodes to earn passive income.
What happens if 145,000 ETH is sold in the market?
Given the slight correction in Ethereum, some crypto community members are speculating that the whale will sell some of its holdings when ETH trades around $2,000 and buy back cheaper once Ether drops below $1,000. Fortunately for crypto investors, the $200 million selling pressure is not enough to completely crash the Ethereum market, as the largest centralized exchanges and OTC desks will meet the selling demand without causing excessive volatility. According to some, the whale is preparing to sell by taking advantage of the increase before the ETH Merge. Whale took 9 separate transactions to send their ETH.
Excitement for Merge continues
Ethereum, the world’s largest altcoin, continues to generate excitement ahead of the upcoming Merge. As expected, it is receiving significant demand and acceptance from institutions and individual investors/traders. The reason behind the highly anticipated upgrade is clear. ETH; focuses on improving the speed, efficiency and scalability of the network. This kind of bullish prospect fueled a truly positive atmosphere for what was about to come.
The network will drive this improvement by moving from proof-of-work to proof-of-stake. In other words, the PoW consensus algorithm, where miners issue coins and confirm transactions, will be left behind. Instead, there will be validators on the network that stake at least 32 ETH. According to Glassnode, the number of staking ETH 2.0 deposit contract addresses has reached 13,302,229. The deposit agreement on Beacon Chain, launched in November 2020, allows ETH holders to lock their holdings before the transition. As we reported as Kriptokoin.com, the price of ETH before Merge reached $ 2,000.
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