Ethereum Whale $4.5 Million Burn Shocks ETH Community, What’s Going On? | CPT PPP Coverage

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The crypto space is never lacking of events – from hacks to memecoins frenzy, to traders realizing huge profits from trades. This time, it is the action of a particular Ethereum whale that has caught attention, one that has the ETH community in shock as to the reasons for such action. 

The mysterious whale in question with the Ethereum address ‘nd4.eth’ sent $4.5 million worth of Ether (2,500 ETH) to a ‘burn’ address, in a move that removes these tokens from circulation forever. This interesting event, which occurred on July 26, has led to a burning question on the lips of everyone – who is this mysterious whale?

Who Is The Mysterious Ethereum Whale?

Although there is currently limited information on the mysterious whale, Crypto Twitter has been able to dig up some information as to who this person might be. Recent Twitter discussions revealed that the user behind ‘nd4.eth’ was on Binance Leaderboard which shows the traders in profits on the platform. 

Another Twitter user (@serialsexhaver) revealed that the trader had over $20 million in earnings on GMT long and “went all in on a btc short” and then deleted his account.

The Tweet read:

Last year he was on Binance leaderboard, made north on 20mill on gmt long, was giving away anons gmt sneakers and went all in on a btc short …then deleted his account

This is also not the first time this particular user is doing something like this. According to information gotten from Web3 portfolio tracker DeBank, the “nd4.eth’ address had previously sent Wrapped Ethereum (WETH) to another burn address many times, with these transactions amounting to approximately $8,000 in total. The address still has a huge portfolio though, with close to $3.57 million staked on GMX and GNS.

ETH price plunges to $1,823 | Source: ETHUSD on Tradingview.com

Contributing To The Growth Of ETH

While the crypto community continues to speculate the reasons for the ‘$4.5 million burn,’ there is no doubt that the ‘nd4.eth’ address has, for whatever reason, contributed to the growth of the Ethereum ecosystems. 

His actions also further fuel the Ethereum as an ‘ultra-sound money’ narrative. Laurence Day, the creator of the Wildcat Protocol, jokingly commended the individual when he stated:

“If you didn’t wake up this morning and say thank you to nd4.eth for contributing to the ultrasound money narrative, I want you to have a long, hard think about what you’re trying to achieve here.”

True to it, the burning of tokens makes it deflationary and is usually done to decrease the token’s circulating supply and help boost demand and increase its market value. Ethereum isn’t the only ecosystem that the said individual is contributing to. 

According to a tweet from Lookonchain, the user “spent 5,330 $DAI to buy $GMX and $GNS on July 29 and also transferred 34.9 GMX ($1,989) and 600 GNX ($2,733) to the dead address.”

Featured image from iStock, chart from Tradingview.com