Ethereum Price Action Intensifies Amid Partnership with PayPal
A mysterious whale burned 2500 ETH, worth about $4.8 million.
The reason for the burn is unknown, but it could be due to several factors, such as a technical error, a tax strategy, or a desire to reduce the overall supply of Ethereum.
PayPal is set to launch its own dollar-pegged stablecoin called PayPal USD on the Ethereum blockchain.
Ethereum’s price action has been relatively uneventful over the weekend, but a breakout may be imminent.
The Ethereum community now sits unsettled, as an Ether Whale going by “nd4.eth” in the Ethereum Name Service (ENS) transferred a stunning 2,500 Ethereum to a burn address.
Burning isn’t uncommon in the world of crypto and blockchains.
Tokens and coins are usually burned to reduce a cryptocurrency’s overall supply.