Whales are known to control a greater percentage of cryptocurrencies and their actions are usually visible in the sudden spike or dump in the price of a virtual asset. However, a lower movement of funds has been recorded in the past week where a total of $97.8 million worth of four cryptocurrencies were moved.
$97.8 Million Worth of Cryptocurrency Moved by Whales
Four cryptocurrencies totaling $97.8 million were moved by whales from one exchange to the other. The value is only of the five largest transactions that took place during the course of the week. These are transactions that are rare and usually involve the transfer of large amounts of coins.
That being the case, Bitcoin, Maximime Coin, Ethereum, and Ripple’s XRP are the four largest virtual assets that were moved. It is also worthy to note that each of these movements were detected by Whale Alert, a platform that publicizes such transfers on Twitter.
Bitcoin, the most popular cryptocurrency comes top on the list and it does not come as a surprise since it is usually used to manipulate the market prices. In respect to that, 6,871 BTC (about $26.9 million) was moved from Bittrex to an unknown wallet on March 8. The transaction fee was 0.00113013 BTC ($4.44).
An Unpopular Altcoin Also Gets Moved Massively
The second digital currency on the list, is an unpopular altcoin, Maximime coin (MXM). The digital currency can only be found on exchanges like CoinBene and HitBTC and it is ranked 82 on Coinmarketcap. Nonetheless, it seems to have gotten someone’s attention given that 608,590,000 MXM (about $20.6 million) was sent from an unknown platform to another exchange on March 15.
Ethereum, the second largest virtual asset based on market cap, occupied positions three and four. 140,451 ETH (about $18.8 million) and 120,000 ETH (about $15.9 million) of the cryptocurrency was sent at each instance. The cost for sending each was $0.03 and $0.0062 respectively. Likewise, the sending and receiving wallets are unknown.
XRP, the third largest cryptocurrency by market cap came in fourth position. On March 8, 49.9 million XRP (about $15.75) was transferred from an unknown wallet to Bitfinex and the transaction cost was $0.00465.
A Fake EOS Transaction Also Records Whale Movement
Asides these, another transaction would’ve topped the charts until it was reported to be a fake one. Whale Alert had first reported of the movement of 3 trillion EOS and a couple of hours later, its followers were informed that the transaction is fake. The sender had found a way to create a false transaction even though it had only been detected by EOS after it was sent.
The whales’ activities may have declined this week, but this data shows that they are still at work. At the same time, these movements were expected to be higher given that most altcoins saw an increment in price this week. It should’ve gotten the attention of more large scale traders who want to reap the profits.
Read more at: https://www.btcnn.com/cryptocurrency-news/cryptocurrency-whales-have-moved-over-97-million-in-the-past-week/
