XRP plunges more than 10%, biggest daily percentage drop since March 12

It seems large entities or better still whales are showing renewed interest lately by moving the second most valuable crypto asset more frequently as DeFi tokens gain traction.

Data from an advanced crypto tracker, Whales Alert, showed two unknown ETH whales separately moved 53,455 Ethereum coins worth about $20.921 million transferred from Kraken (a crypto exchange) to an unknown wallet and vice versa, several hours ago.

🚨 28,528 #ETH (11,138,378 USD) transferred from unknown wallet to #Kraken

Tx: https://t.co/tin57Yu3gJ

— Whale Alert (@whale_alert) August 22, 2020

24,927 #ETH (9,782,543 USD) transferred from #Kraken to unknown wallet

Tx: https://t.co/EYSuVDQ8fv

— Whale Alert (@whale_alert) August 22, 2020

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Why this move?

Nairametrics believes that the recent whale movements are triggered by the DeFi token phenomenon which uses the ERC-20 protocol for facilitating transactions. Ethereum 2.0, the long-term protocol upgrade of Ether’s parent network, is set to launch its final testnet this month.

READ: Bitcoin could potentially become superior to cash

Defi, in short, is the use of blockchain technologies (including smart contracts, decentralized asset custody, etc.) to replace all “intermediaries” with program codes, therefore maximizing the efficiency of financial services and minimizing costs.

These digital assets are designed on Ethereum codes, and usually exhibit characteristics that include having protocols and financial smart contracts.

READ: Unknown ETH Whale moves $35 million dollars worth of Ethereum

What are Ethereum whales?

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.

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Things you need to know about Ethereum

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

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Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for Ethereum to go offline.