As per broader claims, Bitcoin is the pioneer of the cryptocurrency market, followed by Ethereum, Litecoin, and Dogecoin, among others. In the past few years, the early whale holders of these digital assets have booked significant profits by selling their holdings.
According to recent on-chain information, an Ethereum whale holder who received a significant chunk of ETH from ShapeShift in the 2nd month of 2016 has started moving the funds, booking massive profits.
The identified whale allegedly received 16,636 ETH in February 2016 from ShapeShift, a cryptocurrency platform allowing users to trade, track, buy, and sell digital assets.
A whale moment is observed after eight and half years after receiving Ether’s. The whale has moved all the ETH using three different wallets to a new designation: “0xE3E5540B029d4662F6E99a5Af3E8b431Cff59566.”
Source: Etherscan(dot)io
Arkham, a blockchain intelligence firm, quoted that the Whale started selling Ethereum on September 15, 2024, and swapped some ETH in wrapped Ethereum.
When writing the address was managing 16,110.98148374 WETH, valued at $37,001,385.07 as of writing. The address also holds a chunk of Tether (USDT) worth $1,228,157.81.
Until publishing, 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 is fueled by the swap and selling of tokens by the recently awakened whale.
Other Market News Updates
In the past 24 hours, a 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 the 55th most traded in the vast 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, Todayq reported that Delta Prime decentralized finance based on the Arbitrum chain had fallen victim to a hack, resulting in millions in crypto assets.
Hackers continue to trouble the crypto sector on the verge; from 2024, beginning with publishing, the broader market has lost over one billion in heists. WazirX, a centralized cryptocurrency exchange based in India, has become the most affected by bad actors, resulting in over $230 million in losses.
USDC’s issuer Circle has announced its plan to relocate its headquarters to New York City. At the beginning of 2024, the consortium filed its ICO application with the United States Securities and Exchange Commission, actively seeking a review of the regulatory body for its expansion.
In the past few quarters the vast stablecoin market has outperformed reaching new heights; in terms of trading volume USDT still tops the list. Tether is facing criticism in the market as some experts claim that it lacks the reserve compared to its circulating supply.
Crypto Market Price Update
The fear and greed index powered by CoinMarketCap was at 36 reflecting a fear sentiment in the market; at the same time crypto market capitalization was $2.04 trillion with an intraday decline of more than 2.50%.
Fantom leads the intraday gainers’ list as its price surged 2.75% reaching 0.51085 followed by Helium at $7.29 with a rise of 1.41% in price. When writing Bitcoin was trading at $58,740 with a decline of 1.96% in the past 24 hours.
However, the intraday loser list is ruled by Bittensor (TAO) as it lost over 7.89% of its price reaching $298.57, followed by Brett (BRETT) trading at $0.07527 with a decline of 7.15%.
Despite a bearish sentiment, the entire market trading volume grew 76.25%, reaching $62.38 billion.
