According to Whale Alert, the cryptocurrency whale tracking platform has closely watched the transaction involving the second largest cryptocurrency in the world.
As stated on the official handle of the Whale alert, a massive amount of 260,000 Ethereum was deposited on Binance in the hours leading up to press time.
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At the time of the transaction, the total Ethereum moved was worth approximately $434.18 million.
The massive movement of Ethereum across exchanges like Binance is because of the Merge that is fast approaching. It is no news that the Ethereum network upgrade is coming up this month as stated by the Ethereum developers.
Bellatrix Recently Went live, Main Merge To Launch Around The Sept 13th-15th
The recent tweet by Ethereum’s founder, Vitalik Buterin, stated the Bellatrix kicks off on September 6th, 2022 while the merge is still expected to come to life around September 13th to 15th.
Interestingly, the Ethereum network has been feeling the effect of the merger as the Ethereum price speculation keeps spiking. Also recently reported on the 5th of September, 2022, the over 94k ETH was added to the ETH 2.0 staking contract on September 1 alone.
The Ethereum merge is designed to transform the current Proof-of-Work into Proof-of-Stake as the former uses a lot of energy which could pose danger to nature in the long run.
Ethereum Developers Clarify User’s Misconceptions About The Merge
However, Ethereum developers have come out to clarify the misconception many users are having about the post-merge. They stated that the merge will not cause any reduced gas fee nor will it make a noticeable faster transaction time. So they advise users with a desire for better scalability and cheaper gas fee to use the Layer 2 solutions built on it like Polygon, Optimism, and Arbitrum.