At least two long-dormant Ethereum whales have recently moved more than $22 million worth of the second-largest cryptocurrency by market capitalization, at a time that coincided with a massive $ETH price movement that saw it jump over the $1,500 mark.
According to on-chain analytics platform Santiment, one Ethereum whale wallet that hadn’t been active for over six years suddenly moved $22.2 million to a new empty wallet while Ethereum’s price was rallying.
According to CryptoCompare data, at the time of writing Ethereum is trading at $1,535 after moving up more than 14% over the last 24-hour period. Other cryptocurrencies also moved up significantly, with BTC moving up 7%, Solana rallying 11.7%, and Cardano rising 13.6% over the same period.
Notably another long-dormant Ethereum whale also recently moved a large amount of $ETH. According to whale monitoring service Whale Alert, the dormant address containing 200 $ETH was activated after 7.2 years.
Santiment has recently noted that Ethereum has seen a “considerable amount of token shuffling between whale addresses,” which occurred at a local top. Per the firm, 320,000 ETH worth nearly $500 million moved as the price of the cryptocurrency was dropping to the $1,250 mark.
As CryptoGlobe reported, data from the Ethereum blockchain has shown that billionaire whale addresses, with at least 1 million $ETH in their balances, have accumulated a whopping 3.5 million coins over the past month, meaning their holdings moved up 14% in that period.
Since September 11, the 132 Ethereum addresses with over 1 million $ETH in their balances have added a total of $4.48 billion worth of the second-largest cryptocurrency by market capitalization into their wallets.
The Ethereum network has steadily been growing over the last few months, surpassing 200 million unique addresses earlier this year even as transaction fees rose and processing times slowed as a result.
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