While some argue it’s a pump-and-dump scheme, others believe it could be for staking.
A whale wallet reportedly moved 145,000 ETH to multiple wallets as Ether surged to over $2,000, its highest price in three months. The transfers were made from a wallet that participated in the Genesis Initial Coin Offering (ICO) in batches of 5,000 ETH, with a few transfers exceeding 10,000 ETH.
The whale wallet has only been used twice since the ICO, the first being in July 2019. The most recent transfer was the second activation of the whale wallet. Many believe the movement of such a large number of ETH could be part of a pump-and-dump strategy ahead of Ethereum’s much-awaited “Merge” upgrade.