Ethereum‘s Dencun upgrade has been implemented, sparking excitement among Ethereum and the broader crypto communities. This major upgrade is expected to have a significant impact by reducing network fees, alleviating congestion, and helping to improve scalability. The development is particularly expected to affect the price of Layer-2 tokens.
15,000 ETH Moves as Dencun Upgrade Rolls Out
The Dencun upgrade introduces several changes, including the implementation of temporary data blobs known as “protodanksharding” with EIP-4844, which will help reduce L2 transaction fees and thus initiate a new era of Ethereum scalability.
As the Ethereum community celebrates the eagerly awaited Dencun upgrade, a significant ETH transfer caught the market’s attention. A whale, an individual or organization holding large amounts of cryptocurrency, deposited 15,000 ETH into the crypto exchanges Binance and Bitfinex.
Such a large deposit of ETH into an exchange typically signals a potential sale. Therefore, this unexpected move has led to speculation and intrigue within the crypto community, especially as it coincides with the launch of the Dencun upgrade.
What Other Ethereum Movements Occurred?
According to Lookonchain, a whale disposed of 15,078 ETH worth $60.3 million by depositing it into Binance and Bitfinex. This action is quite unusual, as the Dencun upgrade is expected to serve as a positive catalyst for the ETH price, leading to speculation about the whale’s confidence in the upgrade’s immediate market impact.
However, Lookonchain suggests that the whale might be selling ETH assets to pay off a debt, so the above speculation might not materialize. The whale owes 110 million DAI to Spark.
The crypto data tracker Whale Alert reported significant ETH movement before and during the launch of the Dencun upgrade. A total of 10,132 ETH worth $41,011,423 was transferred from an unknown wallet to the Kraken exchange.
Hours before the Dencun upgrade launch, 18,560 ETH worth $75,324,186 was transferred from Binance to an unknown wallet. Alongside other major transactions, a total of 244,550 ETH worth $992,516,261 and 50,000 ETH worth $202,898,923 were also moved between unknown wallets.
As things settle down, the community eagerly awaits to see the potential impact of the Ethereum Dencun upgrade on the market and the largely unknown ETH price.
