Crypto whale invests 21 million in Chainlink: Ethereum in focus!

Crypto whale invests 21 million in Chainlink: Ethereum in focus!

Ethereum, the second largest cryptocurrency by market capitalization, has seen a remarkable price increase of around 90 percent in the last three months. The daily rate is currently up around three percent. Despite this positive development, there is no sustained breakthrough above the old record high and a correction is emerging. In this context, a crypto whale recently liquidated parts of his Ethereum holdings and moved them to Chainlink, causing a stir.

The whale in question sold an impressive 4,806 Ethereum worth about $21.25 million. With the proceeds from this sale, he purchased almost 938,500 Chainlink tokens across five different wallets. What is noteworthy is that this whale has successfully operated in the crypto market in the past. Among his achievements is a profit of $4.14 million during the decoupling from USDC. He also managed to exit in time before the collapse of UST and LUNA and also made profits with Shiba Inu.

Technology and market changes

As for Ethereum, the cryptocurrency completed a significant transition in 2022: the move from Proof-of-Work (PoW) to Proof-of-Stake (PoS) was dubbed “The Merge.” This process, which went live on September 15, 2022, unifies the existing Ethereum mainnet with the Beacon Chain, a PoS chain. This creates a new Ethereum architecture that consists of two layers: a consensus layer and an execution layer.

A key feature of The Merge is the drastic reduction in ETH issuance, described as a “triple halving” as it drops by 90 percent. Over 14 million ETH are already in the staking process. This could make Ethereum deflationary post-transition, while stakers are expected to earn between 8% and 12% APR. However, staked ETH will not be withdrawable immediately after The Merge; This capability will only be available after the Shanghai upgrade, which is estimated to take 6 to 12 months.

The trading bot Snorter and future plans

Amid these developments, a trading bot called Snorter was launched. This bot is integrated with Telegram and uses the Solana network for fast transactions, enabling agile responses in the dynamic crypto market. The bot's functions include market orders, limit orders, as well as stop-loss mechanisms and social trading functions. The SNORT token represents a particular challenge, offering users reduced trading fees and access to exclusive features. The SNORT token presale has already raised over $3.1 million, and future expansion of the bot to Ethereum and the BNB Chain is planned.

Looking at the market, it is important to note that while The Merge brings some significant changes, it will not increase transaction throughput or reduce gas fees. The block production rate remains at around 12 seconds. However, the switch to PoS is expected to reduce Ethereum's annual energy consumption from 112 TWh/year to just 0.01 TWh/year, a decrease of 99.9 percent. This has led potential investors to expect an influx of institutional money into a “greener” Ethereum.

In conclusion, the crypto market remains volatile, but a whale's successful trading and Ethereum's technological advances present both challenges and opportunities for investors.

For more information read Business Insider and CoinMarketCap.