HomeBitcoinEthereum: Weeks before the Merge, whale addresses from the Ethereum ICO transferred...

Ethereum: Weeks before the Merge, whale addresses from the Ethereum ICO transferred 145,000 ETH.

-

People in the community are curious about the amount of ETH transferred just one month before the Merge; some say it will be dumped, while others say it’s for staking.

 

After three years of dormancy, an Ethereum whale wallet that took part in the genesis initial coin offering (ICO) and acquired roughly 150,000 Ether (ETH) in 2014 was reactivated on August 14.

As the price of ether soared to a new three-month high of over $2,000, the whale address sent 145,000 ETH to numerous wallets. With a few transfers exceeding 10,000 ETH, the transfers were typically made in batches of 5,000 ETH. The wallet address currently has a balance of 0.107 ETH, with a total transfer value of over $280 million.

 

Source: Etherscan

The whale wallet has only been used twice since the ICO; the first time was in July 2019 when it sent 5,000 ETH to the exchange Bitfinex while Ether was trading at $219, with a transaction value of just over $1 million. The 145,000 ETH transfer was the whale wallet’s second use since the ICO.

Many in the community speculated that a large amount of ETH moving around could have been dumped before the Merge, the official switchover from the current proof-of-work-based blockchain to a proof-of-stake one. It’s important to remember that the majority of transactions, as opposed to exchanges, are made to unidentified wallets.

 

 

 

 

Following the successful merging of the Goerli testnet to the Beacon Chain (the PoS chain activated in 2020), the last practice before the official transition, Ethereum’s transition to a proof-of-stake network is scheduled for September 15.

Since Ethereum’s launch in 2015, The Merge is regarded as one of the most important updates. After several setbacks and testnet integrations, the three-phase transition process started in 2020, and Ethereum is now scheduled to switch to PoS in the third week of September.

Leave a Reply

LATEST POSTS

Argo Blockchain Sells Bitcoin Mining Facility to Galaxy Digital Holdings in Struggle to Stay Afloat.

The Bitcoin mining crisis continues as miners continue to sell their facilities. Argo Blockchain saw its shares rise in London trading yesterday after agreeing to...

Cryptocurrency Winter to Last “At Least One More Year”, Says Octopus Network Founder.

Octopus Network, a multi-chain cryptocurrency network based on the NEAR protocol, has laid off around 40% of its core team and reduced salaries for the...

MicroStrategy Boosts Bitcoin Holdings with $42.8 Million Purchase.

MicroStrategy, the company co-founded by Michael Saylor, has announced that it has made further purchases of Bitcoin since November 1st. According to today's report, the...

China’s CBDC wallet relies on an age-old custom to increase adoption.

The digital yuan wallet app now includes a traditional Chinese method of donating money that has gone virtual with the rise of digital payments. China's wallet...

Follow us

0FansLike
3,692FollowersFollow
0SubscribersSubscribe

Most Popular

spot_img
%d bloggers like this: