Saturday, April 10, 2021

Ethereum Whale Just Moved $1.3 Billion in ETH to DeFi in a Single Transaction As Price Stays Above $2,100

According to Whale Alert, an Ethereum whale has moved a total of 629,000 ETH worth around $1.3 billion into the Compound contract in a single transaction.

This massive transaction was initiated at the time the price of Ethereum was on the spree of recording all-time highs. At the time of filing this report, ETH is trading at $2,115.12, with a relatively 5% price upsurge based on 24 hours estimation.

Read Also: Whale Alert Hints At the Movement of 223,680 ETH worth $38,088,230

Ethereum Whale Moved $1.3 Billion in ETH in a Single Transaction

As reported by Whale Alert, the tracker of large transactions of cryptocurrencies from wallets to exchanges, the Ethereum whale initiated the transaction at 07:53 UTC from an unknown wallet.

Whale Alert tweeted, “629,000 ETH (1,321,384,522 USD) transferred from unknown wallet to unknown wallet.”

Ethereum Whale Just Moved $1.3 Billion in ETH to DeFi in a Single Transaction As Price Stays Above $2,100
Courtesy of Whale Alert

As a report has it, the recipient wallet is the smart contract for Compound, a decentralized finance (DeFi) protocol that allows traders to earn money on the cryptocurrency they save on the platform. It’s more like keeping money into a bank account that generates interest.

However, the sender of the whooping sum of Ethereum (ETH) remains anonymous. The report also stated that the whale paid only 0.0205 ETH worth $43 to move the 629,000 ETH. And it’s also significant that it required just a single transaction to move such a huge sum of money, which depicts the beauty of cryptocurrency.

Read Also: Someone Just Paid 1,630 ETH Worth $2.9 Million for Jack Dorsey’s First-Ever Tweet NFT

It’s also a coincidence that the transaction played out when the price of Ethereum (ETH) surged beyond $2,000. It’s worth noting that the top digital currency recorded a new all-time high around $2,150 a few hours ago, when Bitcoin (BTC), the largest cryptocurrency by market capitalization, continues to reject $6,000 support.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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