1,300 Ethereum, worth $3.17 million, were transferred from one wallet associated with Vitalik Buterin to another one. Initially, the wallet got 700 ETH from a different wallet that is thought to be connected to Buterin, his acquaintance, or family. Discussions over the possible motivation for the change have been spurred by this revelation.
Investor attention has been drawn to this action, particularly as the price of ETH increased by almost 6% today, stoking rumors that it may reach $5,000.
Vitalik Buterin’s Wallet Moves 1.3K ETH
Lookonchain, the top on-chain transaction tracking platform, notes that 1,300 ETH were transferred today from a wallet with the address “0xD04d” to another wallet with the address “0x5567.” Lookonchain stated that Vitalik Buterin, the creator of Ethereum, is most likely connected to the $3.17 million transfer made using the wallet “0xD04d.”
Notably, the “0x5567” wallet transferred 74.17 Ether, or roughly $181,000, to the well-known cryptocurrency platform Paxos after receiving the payments. It’s important to remember, though, that these wallets have previously traded money. Per the report, approximately 348 days prior, the same wallet (sender) transferred $1,000 in Ethereum, which was worth $2.45 million at the time, to the same wallet (0x5567).
The wallet has deposited that $1,000 to the Bitstamp exchange after receiving it. Notably, the market has been discussing the possible cause and implications of these recurring transfer patterns.
According to Lookonchain, the sender has previously received 70,000 Ether from a different wallet, most likely connected to the founder of Ethereum or one of his relatives or friends. Notably, the enormous sum of around $171.5 million adds to the rumors, especially in light of the most recent moves.
Will $5000 be the price of Ethereum?
The price of ETH went up 5.6% and traded at $2,431, despite the recent transfer involving a wallet linked to Vitalik Buterin. The trading volume increased by 49% to $21.91 million. Recent trading saw the cryptocurrency reach a 24-hour high of $2,452.57, while its Futures Open Interest shot up 9% to $11.5 billion.
Notably, the cryptocurrency’s price increase coincides with today’s wider market recovery. The rise in the overall financial market suggests that the recent 50 basis point reduction in the US Federal Reserve’s interest rate has improved market sentiment.
According to a recent Ethereum price analysis, the cryptocurrency’s price may reach $5,000 if traders take another look at it following its most recent Q3 decline. Having stated that, considering the favorable macroeconomic developments and other market trends, the market optimism seems to hold despite the recent swings of Ether, which prompted speculations.
