For the first time in eight and a half years, a major Ethereum holder has moved their funds, recording substantial profits. This event has caught the attention of the cryptocurrency community and caused serious market fluctuations.
Large ETH Transfer by Former Holder
According to recent data, a major Ethereum holder who received a significant amount of ETH from ShapeShift in February 2016 has started moving the funds, recording huge profits in the process. The identified holder received 16,636 ETH in February 2016 from ShapeShift, a platform for trading digital assets. The funds movement was noticed after eight and a half years, when all ETH were transferred through three different wallets to a new address: “0xE3E5540B029d4662F6E99a5Af3E8b431Cff59566”.
Impact on the Ethereum Market
According to Arkham, a blockchain intelligence firm, the holder started selling Ethereum on September 15, 2024, swapping some ETH for wrapped Ethereum. At the time of writing, the address managed 16,110.98148374 WETH valued at $37,001,385.07 and also held a chunk of Tether (USDT) worth $1,228,157.81. Until the publication, Ethereum was trading at $2,301, with an intraday decline of 4.561%; however, its trading volume surged more than 110%, reaching $15.61 billion. Some market analysts argue that the decline in ETH prices was fueled by the sales of tokens by this major holder.
Other Cryptocurrency Market News
In the past 24 hours, the memecoin Baby Doge Coin price grew more than 52%, reaching $0.081614. It is crucial to note that its intraday trading volume also surged over 1300%, reaching $101.75 million, making it one of the most traded assets in the market. An analyst closely tracking recently debuted memecoins argues that the spike in trading prices and volume is solely backed by Baby Doge Coin listing on Binance. On September 16, 2024, it was reported that Delta Prime, a decentralized finance platform based on the Arbitrum chain, had fallen victim to a hack, resulting in losses amounting to millions in crypto assets. It is important to note that since the beginning of 2024, the broader cryptocurrency market has lost over one billion to heists, with the Indian exchange WazirX being the most affected platform, suffering over $230 million in losses.
The cryptocurrency market continues to face significant changes and challenges, but it remains one of the most innovative and dynamic sectors. Major events, such as fund movements by large holders and hacker attacks, have a substantial impact on the market and require constant monitoring.
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