Unknown Ethereum Whale transfers a whopping 89,874 ETH 

Ethereum whales have been on the rise lately, as major entities are rushing to cash in on this valuable crypto more frequently.

Data from an advanced crypto tracker, Whale Alert, showed that an unknown ETH whale just moved 89,874 ETH worth $42.4 million, transferred from an unknown wallet to another unknown wallet just a few hours ago.

🚨 🚨 🚨 🚨 89,874 #ETH (42,244,731 USD) transferred from unknown wallet to unknown wallet

Tx: https://t.co/slGycYIReA

— Whale Alert (@whale_alert) September 2, 2020

At the time this report was drafted ETH was trading at $471.57 with a daily trading volume of $19.63, billion. ETH price has been up 8.0% in the last 24 hours. It has a circulating supply of 110 million coins and a max supply of ∞ coins.

What you must know: In the Ethereum world, traders or investors who own a large number of Ethereum are typically called whales. This means an Ethereum whale would be a single Ethereum address owning around 1,000 Ethereum or more.

Things you need to know about Ethereum

Ethereum is a cryptocurrency created for the deployment of smart contracts and decentralized applications that are designed and operated without any fraud, interruption, control, or interference from a third party.

While Ethereum refers to the blockchain network, the native currency that flows within the Ethereum economy is called Ether (ETH).

On Ethereum, all transactions and smart contract executions require a small fee to be paid. This fee is called Gas. In technical terms, Gas refers to the unit of measure on the amount of computational effort required to execute an operation or a smart contract.