Posted:
- Vitalik Buterin, the founder of Ethereum, transferred 400 ETH to Coinbase.
- Ethereum’s gas consumption fell despite falling gas prices.
In the fast-paced world of cryptocurrencies, the actions of large holders can send shockwaves through the market, impacting sentiment and influencing trading behavior. Recently, a remarkable transfer of 400 ETH, equivalent to approximately $632,000, was made by none other than Ethereum [ETH] founder Vitalik Buterin.
vitalik.eth(@VitalikButerin) deposited 400 $ETH($632K). #Coinbase 30 minutes ago.https://t.co/q6Y6MuNrdF pic.twitter.com/idy96sxZxO
— Lookonchain (@lookonchain) September 25, 2023
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The move to deposit a substantial amount of money into Coinbase caught the attention of the crypto community as it signaled a significant shift in Vitalik’s assets.
ETH starts moving
Although Vitalik’s transfer attracted attention, it was not an isolated event. It was part of a broader trend where Ethereum ICO participants, some of whom had been dormant for years, began to make significant moves.
Recently, one such participant transferred 32.1 ETH to Coinbase. This specific address was associated with shemnon.eth, a prominent Ethereum Core Developer recognized for his substantial contributions to the Ethereum ecosystem.
Another fascinating event involved a whale actively participating in Ethereum’s ICO phase. This whale deposited a whopping 6,000 ETH, worth almost $10 million, into the Kraken exchange.
This move goes back to the early days of Ethereum, when this person acquired 254,908 ETH at a price of about $0.31 per ETH.
State of ETH
Over the past 24 hours, there has been a notable increase in ETH trading volume, doubling. This increase indicates increased market interest and potential volatility.
However, amid this increase in trading activity, the price of ETH has fallen slightly by 1.01%. This price movement underscored the inherent volatility that characterizes the cryptocurrency market, where rapid price swings can occur in response to a multitude of factors.
Realistic or not, here is the market cap of ETH in BTC terms
Additionally, Ethereum’s gas consumption has shown a notable decline, indicating reduced network activity. Despite falling gas prices, overall activity on the network has declined. According to Glassnode data, ETH’s average gas price just hit an eight-month low of 16,515 GWEI.
???? #Ethereum $ETH The average gas price (7d MA) just reached an 8-month low of 16,515 GWEI
View statistics:https://t.co/lIfeeyqwEs pic.twitter.com/S37jcIq3yx
— Glassnode Alerts (@glassnodealerts) September 24, 2023
The low gas price failed to attract users to Ethereum at the time of writing.
Source: Santiment