Whale Movements Attracted Attention Following This Development in the Popular Altcoin: Here are the Developments!

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As a hot development Ethereum The Dencun upgrade is now live and generating a lot of excitement among Ethereum and the broader crypto communities. This major update will help reduce congestion and increase scalability by reducing fees on the network.

One obvious effect of the Dencun upgrade is the implementation of temporary data blobs of EIP-4844, specifically known as “protodanksharding”. This change will reduce L2 transaction fees, thus allowing Ethereum to step into a new era of scalability. This creates great excitement and hope in the Ethereum community. creates.

As the ETH community celebrates the highly anticipated Dencun upgrade, a major ETH transfer has captured the market’s attention. A whale, a person or institution that holds a large amount of cryptocurrency, deposited 15,000 ETH on crypto exchanges Binance and Bitfinex. Depositing such a large amount of ETH into the exchange typically indicates a potential sell-off. Therefore, this unexpected move sparked speculation and intrigue within the crypto community, especially since it coincided with the launch of the Dencun upgrade. According to Lookonchain, a whale withdrew 15,078 ETH worth $60.3 million and deposited it to Binance and Bitfinex.

What makes this move quite unusual is that while Dencun’s upgrade was expected to be a positive catalyst for the ETH price, it has led to speculation about whales’ confidence in its sudden impact on the market. However, according to Lookonchain, it is thought that the whale may sell its ETH assets to pay off its debts. Therefore, the situation may not be exactly as expected. The whale has a debt of 110 million DAI on Spark and a health ratio of 1.57.

Whale Movements

Crypto data tracker Whale Alert reported significant ETH movements before and during the Dencun upgrade. 10,132 ETH with a total value of $ 41,011,423 was transferred to the Kraken exchange from an unknown wallet. Hours before the Dencun upgrade, 18,560 ETH was transferred from Binance to an unknown wallet with a total value of $75,324,186. Additionally, 244,550 ETH worth a total of $992,516,261 and 50,000 ETH worth $202,898,923 were also moved between unknown wallets, among other large transactions. As the dust settles, the community is eager to see the potential impact of the Ethereum Dencun upgrade on the market and the largely unknown ETH price.

You can access current market movements here.


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