• Mon. May 20th, 2024

Ethereum Bulls Wake Up From their Sleep Only to Move 22,982 Ether

Dec 18, 2022

It is a quite common tradition in the cryptocurrency industry that whenever a general downfall comes up, it is the major crypto that takes the most amount of damage.

However, the major cryptocurrencies have always proven to be quite resilient against such downtrends. They always find their way around uncertainties and downfalls.

This is the reason why most investors want to stick with the major cryptocurrencies such as Bitcoin and Ether. These cryptocurrencies have a higher tendency to survive compared to altcoins.

People hold the majority of their funds and portfolios in Bitcoin and Ether. Therefore, whenever a movement is detected in the holdings of the cryptocurrencies, it becomes a headliner.

The reason is that a movement in a large batch of cryptocurrencies can indicate that a possible selling spree is in the making. This means that the bulls have to buckle up and brace for impact.

Every major and minor crypto tracking firm makes sure that they keep an eye on such movements. They collect as much information as possible about these assets so the public knows exactly what is happening.

Ether Wallets are on the Move

The same rule has applied to two particular ETH wallet addresses that had been dormant for several years. A couple of wallets have recently become active, which has raised many concerns among investors.

The cryptocurrency, especially the ETH communities are eager to understand exactly what is going on. They want to know what is going on with the wallets and if their next move would be to sell the ETH.

As per the reports, both the ETH wallets had remained dormant since 2018 and in total, they carry 22,982 ETH. These wallets have started moving the ETH funds around raising many concerns among the investors.

Many crypto investors and analysts have been left scratching their heads, wanting to know what the two wallet addresses are after.

Information Gathered so Far

According to the data collected by the tracking firms, the tokens have arrived from two major cryptocurrency trading platforms. These platforms are Poloniex and Genesis.

From the Poloniex platform, one wallet brought in a total of 9,878 ETH. The other wallet brought in 13,103.99 ETH from the Genesis trading platform.

Altogether, the total count of the ETH from both wallet addresses was 22,981.99.

Origin of Ether

Ether is the native token issued and offered by the Ethereum blockchain network, which was founded back in 2015.

The main characters behind the foundation of the Ethereum blockchain were Charles Hoskinson and Vitalik Buterin.

The most influential personality and a prominent figure from the Ethereum network’s side are Vitalik Buterin.

He has continued contributing not only towards the expansion of the Ethereum blockchain but the entire cryptocurrency industry.

Even when the Ether token was launched by the Ethereum blockchain, it garnered so much success and adoption, it became the second-largest crypto asset.

Even today, Ether’s market valuation is second only to Bitcoin and no other. It has become one of the most trusted and highly credible networks plus the cryptocurrency asset in the market.

Therefore, it is quite normal that the Ether would have huge investors who purchased and held onto the ETH tokens. They would have done it hoping to see ETH prices skyrocket.

They were true to an extent as the price of ETH skyrocketed to over $4,000 at one point in 2021.

Total Value of the 22,982 ETH

At the time of writing, the trading price of a single ETH is worth $1,207.9. Keeping the unit price in mind, the total 22,982 ETH moved by the holder is currently worth $27.76 million.

This is a huge volume of ETH and the amount is very significant given the current market situation.

If the particular wallet decides to sell these many ETH, then a huge selling spree may come into play. This may drag down the value of ETH by a huge figure.

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