Ethereum Whale Makes a Remarkable Return.
After more than two years of dormancy, an Ethereum whale has made a noteworthy comeback by creating a new contract and staking 4,032 $ETH ($7.4M). The Ethereum whale obtained 60,000 ETH at Genesis of ETH mainnet in 2015.
A whale that had been dormant for 2.4 years created a contract 3 hrs ago and staked 4,032 $ETH ($7.4M).
The whale is an Ethereum ICO participant and received 60K $ETH at Genesis.https://t.co/qmVlopOXke pic.twitter.com/eUVWJHyXAJ
— Lookonchain (@lookonchain) May 18, 2023
This move by the Ethereum whale may be a sign of confidence in the long-term potential of Ethereum. The whale’s actions could surge buying and selling activity as other investors take cues from their investment decisions.
It is also possible that the whales are looking to capitalize on the recent Ethereum price rally, which was sparked by the successful completion of the final stage of Ethereum’s latest upgrade, “Shanghai.” The update improved the scalability and overall performance of the network, making it more attractive to more prominent investors. Presently ETH is trading at a high of $1,818.
More Than 20M Ethereum Satked
Staking ETH on the beacon chain was first made available in late 2020, and since then, more than 20.4 million ETH has been staked by investors hoping to earn returns on their holdings. This figure rose from 16 million ETH at the beginning of the year, indicating that more and more investors are confident in the future of Ethereum.
The presence of a dormant, whale-sized Ethereum address suddenly beginning to move its holdings could indicate that the whale is confident in the future of Ethereum and may be looking to capitalize on its potential gains. This could also be seen as a sign that the crypto market is stabilizing and investors are gaining confidence in the longevity of digital assets.
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