In this bullish market sentiment, where the majority of cryptocurrencies are experiencing massive upside moves, especially the world’s 2nd biggest cryptocurrency Ethereum, a recent transaction by Ethereum co-founder Vitalik Buterin has gathered massive attention. According to an on-chain analytics firm, Arkham Intelligence, on May 22, 2024, Vitalik Buterin transferred 80 ETH worth $300k to the coin mixer Railgun.
Vitalik Buterin moves $300k ETH to Railgun
This Ethereum transfer using the coin mixer Railgun is the 2nd time in the last 2 months. Earlier, on April 15, 2024, Vitalik deposited 100 Ethereum worth $330,000 into Railgun’s privacy protocol. At that time, Vitalik said that using Railgun can effectively prevent malicious behavior and protect privacy.
However, it is observed that Vitalik has frequently used Railgun’s privacy protocol over the last 6 months. Railgun is a type of app on the Ethereum Virtual Machine that adds privacy features to lending and token swapping. It uses a technology called zk-SNARK to prove ownership of assets without revealing them.
Record Ethereum transactions in the past 2 days
The purpose of using the Railgun protocol is clear, but why Vitalik is using it is still unclear. However, in the last few days, Ethereum transactions have soared more than 20%, and the number of ETH transactions larger than $100K spiked strongly yesterday, May 21, 2024, reaching its highest level since March 2024, as shared by an on-chain analytics firm, IntoTheBlock.
The analysis revealed that Ethereum whales, especially those with more than 0.1% of the total Ethereum available, are accumulating more Ethereum than they’re selling. This highlights that these major players believe in Ethereum’s future and are optimistic about its potential to grow in value over time. So, instead of selling their Ethereum, they’re holding onto it or even buying more, which indicates a positive outlook among these influential stakeholders following the potential approval of a spot Ethereum ETF.
As of now, Ethereum is trading near $3,740, and in the last 24 hours, it experienced nearly 1% upside momentum. However, in intraday trading, Ethereum also reached a high of $3,820. If we look at Ethereum’s performance over a longer period, in the last 30 days, Ethereum has seen a massive 17% upside momentum.
According to expert technical analysis, Ethereum is looking bullish. But on a shorter timeframe, we may see a small price correction of 3%. However, in the longer period, there is a high chance that the Ethereum price could surge 10% and hit the $4,100 level.
