Ethereum Worth $112 Million Moved From One Mysterious Crypto Whale Account to Another

When compared to its value over the past 24 hours, Ethereum has lost more than 1.20 percent.

By Edited by Gadgets 360 Newsdesk | Updated: 19 October 2021 12:15 IST

Ethereum Worth $112 Million Moved From One Mysterious Crypto Whale Account to Another

Ether is considered to be the only crypto coin with the potential to challenge Bitcoin

Highlights

Etherscan, an analytics platform, identified crypto wallet that sent ETH
It said the value of the coins sent amounted to $111,966,629 (roughly Rs.
Ethereum price went down by 1.20 percent in the last 24 hours

Most new cryptocurrency investors fear whale accounts because of their potential to suddenly influence the market and throw off everyone's plans. So, they are keenly watched as most of these whale accounts are held by anonymous persons or groups. Recently, an anonymous whale account moved nearly $112 million (roughly Rs. 839 crores) worth of Ethereum to another anonymous crypto wallet. The transaction was made around 10:30 IST last night. Ethereum has lost some value over the past few hours. However, it would be too soon to say that the transaction had some role in this decline.

When compared to its value over the past 24 hours, Ethereum price in India was down by 1.20 percent. It was trading at $3,822 (roughly Rs. 2.86 lakhs) on Tuesday morning.

Etherscan, an analytics platform, identified the crypto wallet that sent Ethereum as 0xa59e84f0b7afd006a6ab61974f4c4df7f7d259f1. It said the value of the coins sent amounted to $111,966,629 (roughly Rs. 838 crores) and the mysterious account to which the coins were sent had the wallet address: 0xe31d2d6c037762ebb9437513fbdae2df8390ed4e.

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There are many whale accounts operating in the cryptocurrency market. Some of them identify themselves and some do not. Usually, big companies invest in cryptocurrencies and hold them as reserves. But there could also be some early investors who invested in cryptocurrency and now their investment has grown manifold. Market watchers pay attention to whale accounts to get an idea of how a move by one or more whale accounts could influence the market. For instance, If the whale decides to exit this Ethereum position, it would create enough pressure on Ethereum to lose value. It takes about $15 million (roughly Rs. 112 crores) to $30 million (roughly Rs. 224 crores) of selling pressure to bring Ethereum's price down by 2 percent.

The move by this Ethereum Whale has come at a time when the second-largest cryptocurrency by market capitalisation was increasing its dominance in the crypto market. Though it was behind the market leader Bitcoin, Ethereum is still considered to be the only coin that has the potential to pose a serious challenge to Bitcoin.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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