An Ethereum whale wallet that participated in the genesis initial coin offering (ICO) and received about 150,000 ether (ETH) in 2014 was reactivated on August 14th after three years of inactivity.
The whale launch moved 145,000 ETH to multiple wallets as the price of Ether rose to a new three-month high of over $2,000. Transfers were made in batches of 5,000 ETH, with a few transfers over 10,000 ETH. The total value of ether transferred is over $280 million, and the wallet is currently shipping a balance of 0.107 ETH.
The 145,000 ETH transfer marked only the second whale wallet intervention since the ICO, the first being in July 2019 when he sent 5,000 ETH to the Bitfinex exchange when Ether was trading at $219. , and valued the transaction at just over $1 million.
Such a large movement of ETH has caught the attention of the public, with many claiming that it could be disposed of before the Merger – the official transition of the current proof-of-work-based blockchain to proof of the issue. . However, it is important to note that most transactions are made to an anonymous wallet rather than an exchange.
Even if the whale eventually decides to dump its 145,000 ETH, selling pressure of $250 million is not considered significant enough to trigger a market crash. Others believe that the whale may be trying to take their ETH to become a collector on the PoS network and generate passive income.
Maybe sell 5000th to open 5000 future nodes?
— Gary R (@bucko4aFREEusa) August 15, 2022
Maybe by selling 5000 ETH to open 5000 future nodes?
— Gary R (@bucko4aFREEusa) August 15, 2022
The transition of Ethereum to a proof network is scheduled for September 15, after the successful merger of the Goerli testnet with the Beacon Chain (the blockchain PoS enabled in 2020), the last iteration before the official transition.
Also read: 3 cryptocurrencies likely to outperform ETH price thanks to Ethereum merger
Merge is considered one of the most significant upgrades since Ethereum’s inception in 2015. The three-phase migration process began in 2020, and after several delays and testnet integration, Ethereum is fully ready to officially transition to PoS in the third week of September.
