Ethereum whales on the rise, as Ether hits $420

Ethereum whales have been making huge transactions in recent days, moving the second most valuable crypto more frequently, as DeFi tokens gain tractions thereby pushing the price above $420.

Data from an advanced crypto tracker, Whales Alert, showed that two unknown ETH whales separately moved 189,735 Ethereum coins worth about $80.88 million, transferred from an unknown wallet some hours ago.

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🚨 🚨 🚨 🚨 🚨 🚨 🚨 175,823 #ETH (74,974,108 USD) transferred from unknown wallet to unknown wallet

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Tx: https://t.co/amltEeQHIH

— Whale Alert (@whale_alert) August 31, 2020

13,912 #ETH (5,910,780 USD) transferred from unknown wallet to #GateIO

Tx: https://t.co/bJf9XawsPw

— Whale Alert (@whale_alert) August 31, 2020

Why the move?

Nairametrics believes that the recent whale movements were triggered by the DeFi token phenomenon which uses the ERC-20 protocol for facilitating transactions. Ethereum 2.0, the long-term protocol upgrade of Ether’s parent network, is set to launch its final testnet this month.

Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with programme codes, therefore maximizing the efficiency of financial services whilst minimizing costs.

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These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts

What are Ethereum whales?

In the Ethereum world, traders or investors who own a large number of Ethereum are typically called whales. This means an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Things you need to know about Ethereum

Ethereum is a cryptocurrency designed for decentralized applications and deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.

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Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.