Blockchain data provider Lookonchain reported earlier today that a prominent Ethereum whale, which had been inactive for five years, has started moving again. The data shows that the crypto whale has transferred millions of dollars worth of ETH to the cryptocurrency exchange.
Moving $90 Million Worth of Altcoin to Kraken Exchange
According to the data provided by Lookonchain, a dormant Ethereum whale suddenly started moving earlier today. The crypto whale transferred $90 million worth of ETH to the Kraken exchange.
A “whale” is a term used for a large holder of any coin or token, and it is confirmed that the wallet address of this particular whale is not associated with any cryptocurrency exchange. However, data from the blockchain analysis tool Arkham suggests that the wallet address may be linked to the trading company Cumberland, possibly due to at least one transaction.
The movement of a coin or token to a cryptocurrency exchange usually means that it will be sold for a stablecoin, such as Tether (USDT), or converted into another coin or token.
Can Move the Ethereum Market on Kraken by at Least 2%
Furthermore, data shows that the current market value of ETH trading pairs on Kraken is over $5 million. This indicates that the whale can potentially move the market at least 2% with the ETH it holds.
According to data provided by the crypto data and price platform CoinMarketCap, ETH is currently trading at $2,209 with a 1.88% decrease in the last 24 hours. The data also reveals that the price of the altcoin has increased by 10.14% in the past 7 days and 17.34% in the past 30 days.
