Vitalik Buterin Wallet Move Triggers $5,000 ETH Price Speculation, 1,300 Ethereum During 5.6% Surge.
In an interesting development, a wallet associated with Ethereum co-founder Vitalik Buterin transferred 1,300 ETH worth approximately $3.17 million to another address. According to transaction tracking platform Lookonchain, the transfer started from the address â0xD04dâ and was directed to the address â0x5567.â This remarkable transfer has sparked a lot of interest among investors, especially since it coincided with a 5.6% increase in the price of ETH.
The large amount of the transfer has caused speculation in the crypto community. The recipient address â0x5567â then transferred 74.17 $ETH worth approximately $181,000 to well-known cryptocurrency platform Paxos. Interestingly, these two wallets are known to have previously traded. About a year ago, address â0xD04dâ sent 1,000 ETH, worth $2.45 million at the time, to address â0x5567,â which was then deposited to the Bitstamp exchange.
Such recurring transfer patterns often lead to broader market discussions. Previously, â0xD04dâ received 70,000 ETH from another wallet, suggesting ties to Buterin or his inner circle, and fueling speculation about the motivations behind these transactions.
Despite the recent actions by wallets affiliated with Buterin, Ethereumâs price rose more than 5.6% to $2,431, with a 49% increase in trading volume to $21.91 million. The coin recently reached $2,452.57, and Futures Open Interest increased by 9% to $11.5 billion.
The broader crypto market has shown signs of recovery, partly driven by the recent 50 basis point rate cut by the US Federal Reserve, improving overall market sentiment. Additionally, Ethereumâs recent price trend and optimistic market atmosphere have led some analysts to predict a rally to $5,000. This outlook is supported by the favorable macroeconomic environment and additional favorable market trends.
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