Whale Sends $116M ETH to Kraken Wallet
A wallet believed to belong to cryptocurrency exchange Kraken has received over 61,000 ether (ETH) worth over $116 million. The tokens were originally received in the Ethereum initial coin offering (ICO) eight years ago when they were purchased for 31 cents each. The owner of the wallet remains anonymous, and this is the second movement of tokens from the wallet. Large movements like this from early adopters are not common but can indicate that the holder is preparing to stake or sell their tokens or diversify their assets. Similar movements have been seen this year, with several old wallets moving bitcoin and ether to crypto exchanges. Whale movements, referring to investors who hold a large amount of circulating crypto, can have an impact on the price and sentiment around a coin. The 100 biggest Bitcoin wallets currently hold over 15% of all bitcoin in circulation, and 14 Dogecoin addresses held 70 billion DOGE in June, nearly 75% of all DOGE in circulation. Following whale movements can be a strategy for making a profit in the cryptocurrency market, as it can offer insight into what coins whales find promising.
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