Ethereum whale transfers 200,000 ETH, as price drops to $387

Ethereum whales have been making huge transactions lately, as major entities are rushing to cash in on this fast-growing crypto presently trading at $387.

Data from advanced crypto tracker, Whale Alert, revealed an unknown ETH whale moving 200,000 ETH worth $77.781 million, transferred from an unknown wallet to another unknown wallet just a few hours ago.

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🚨 🚨 🚨 🚨 🚨 🚨 🚨 200,000 #ETH (77,781,866 USD) transferred from unknown wallet to unknown wallet

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Tx: https://t.co/3Zh64C7DQU

— Whale Alert (@whale_alert) September 4, 2020

As at the time this report was drafted, Ethereum traded at $387.65 with a daily trading volume of $18.9 billion, ETH price has been down -13.3% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

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What is an Ethereum Whale? 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.

What you need to know: Ethereum is a cryptocurrency created for the deployment of smart contracts and decentralized applications that are designed and operated without any fraud, interruption, control, or interference from a third party.

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While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).

On Ethereum, all transactions and smart contract executions require a small fee to be paid called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.