The movement of funds by cryptocurrency whales has been significant over the years, due to the impact of their activity on the prices of digital currencies in the market.
There are instances, whereby, some of the crypto whales use their influence to manipulate the price of cryptocurrencies to their advantage, due to their rather unnecessary movement of funds, leaving retail investors at a dead end.
So, each of their action calls the attention of the crypto community members, prompting them to check the price status of their choice digital currencies whenever a huge movement of funds is detected. In such scenarios, the transfers could be favorable or unfavorable for the majority.
Ethereum Whale Moved 121,252 ETH
A huge movement of funds was reported a few hours ago, via the official website and Twitter handle of Whale Alert.
According to the report, the sum of 121,252 ETH worth $25,680,152 at press time, was effected on 8th May 2020, at 23:23:41 UTC, from an unknown wallet 0xf6f9748308939416b758ab3e656db7add9928f06 to another wallet 0x5c0bb718408a52a2cdad7502e03f073352a7921e.
Whale Alert share this, “121,252 ETH (25,680,152 USD) transferred from unknown wallet to unknown wallet.”
If you are wondering why Justin would want this publicized in China, many people will misinterpret this as some kind of implicit endorsement of Tron from the United States government. From standpoint of completely unethical grifter, a savvy move. https://t.co/zIIc3i2B70
— Matthew Graham (@mattysino) May 6, 2020
Moreover, the fact that the huge transaction is from an unknown wallet to another minimizes its chance of negatively impacting the price of ETH. It would have been unfavorable if such a huge amount was moved from an unknown wallet to an exchange.
Ethereum (ETH) and Other Cryptocurrencies in the Market
Ethereum (ETH), the second-largest cryptocurrency by market cap, has not experienced huge price volatility over the past hours. At the time of filing this report, ETH is trading at $211.96, with a 0.13% price uptrend in the 24 hours.
Bitcoin (BTC) on the other hand has maintained its surging trend and has so far been one of the top gainers over the past few days as its periodic halving approaches.
