Whales are hovering over $ 1 billion of ether as the price rises to $ 3,440

Whale Alert, a blockchain service that tracks movements of major cryptocurrencies, has reported that a large amount of ether has been moved between holders and multiple exchanges.

317,858 ether in motion

In the past 24 hours, almost 318,000 ETH have been transferred in large whale-initiated transactions.

The largest transfer of up to 168,220 ETH worth around 562,204,337 USD at current exchange rates was made between unknown wallets.

Additionally, Whale Alert has also recorded other large transfers including a batch of 29,000 ETH, two batches of 60,000 tokens, a batch of 26,678 tokens, a batch of 27,251 tokens (from Binance), and 12,480 tokens transferred to HitBTC.

The total value of these moves is $ 1,059,849,588.

The price rises to $ 3,440 after burning $ 35 million at ETH in one day

In the past 24 hours, ETH price has risen 2.49% and is trading at $ 3,343.

Ether price chart | Source: Tradingview

Ethereum is gradually becoming deflationary after the London hard fork took place in early August and the ether burning mechanism was activated.

Around $ 35 million was burned at ETH on Friday (September 10th) when the number of active addresses on the network hit an all-time high – 6.2 million wallets at 0.01-1 ETH, which is the total number of tokens burned increased to 282,176 worth about $ 960 million with a burn rate of up to 4.5 ETH per minute.

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