- An Ethereum whale sold 3,367.5 ETH, worth around $10 million, after holding it since the ICO.
- Despite the sale, the whale still holds 37,069.8 ETH, valued at over $112 million.
- Ethereum continued to rise, gaining 6% in value over the past 24 hours, now trading at $3,140.
An Ethereum whale who had been holding ETH since its initial coin offering just dumped a sizable amount of tokens.
In total, the anonymous investor moved 3,367.5 ETH, around $10 million in U.S. Dollars. The sellout worried investors in the community as it happened right after the currency grasped above the $3,000 milestone.
As for the whale investor – this transaction still leaves with owning 3,367.5 ETH, over $112 million in today’s value.
Some in the community expected to see a dip in price after this huge sale – as many wondered if Ethereum “peaked” at $3,000.
However, despite the setback ETH continued to move forward over the day, currently trading $3,140. Over the past 24 hours Ether gained 6% in value, an impressive feat when comparing this performance to Bitcoin’s 0.2% and Solana’s 1.4% growth on that same timeframe.
What is Next For Ethereum?
Although it doesn’t have a set date yet, Ethereum Foundation developers are currently working on “The Scourge”, and its implementation could impact ‘Crypto Whales’ holding Ether.
Part of the plan focuses on ensuring that Ethereum is decentralized. It aims to tackle and weaken the effects of Maximal Extractable Value (MEV), ensuring a fairer transaction playing field for all stakeholders.
MEV is the act of maximizing profits that crypto miners and validators can make by including, excluding, or reordering transactions within blocks, often prioritizing those with higher fees. The next upgrade will look to implement a fair transaction processing process – preventing large holders from exploiting their positions as validators to maximize profits even more.
