Millions worth of EOS moved between exchanges as community speculates intentions

Cryptocurrency transfers have dictated the flow of the market and whether users were still vested in the industry. Despite the recent bearish falls in the cryptocurrency market, several asset movements have occurred that have led many in the space to believe that the real HODLers were still very much active.

Just recently, Whale Alert, the popular cryptocurrency data aggregator website, revealed that more than 8 million EOS tokens were transferred from Upbit to Bittrex after signals indicated a renewed interest in the market. The transfer amounted to a whopping $22.29 million and had a timestamp of 5:22 UTC on November 27.

Upbit and Bittrex are two exchanges know for EOS holdings in countries focused on creating a more decentralized financial ecosystem. The hash for the transaction was f438223f77de52d3db27139451cdfa137c8b77678424912f17c4ba6644f24eb9 occurring on block number 91,998,705. EOS and Block One have spoken highly of the system’s efficient use earlier, and this particular transaction held onto that norm with a CPU usage of 199 microseconds.

After the transfer, the Upbit address had a balance of 2168.4 EOS tokens worth $5521.18. Meanwhile, the receiver wallet had a whopping 27.21 million EOS tokens in its kitty amounting to a healthy $68.027 million. The receiver wallet had multiple significant transfers occurring on the platform as it further witnessed an 8.558 million EOS and 23,176 EOS token movement in the span of a few hours.

Once the transfer was made public by Whale Alert, some users claimed that the EOS tokens should be just converted to Bitcoin or Ethereum and then traded. There was also speculation that the exchange was hacked, but then again, they were only based on rumors spread by certain members of the cryptocurrency industry.

Other than the latest transfer, there has not been much happening on the public front with regards to the seventh-placed cryptocurrency. The last boost it received in public was when the Chinese Ministry of Industry released its rank list of cryptocurrency projects. EOS had come out on top, beating the likes of behemoths like Bitcoin, Ethereum, and XRP. The CCID rankings were based on three significant factors: Basic technology, applicability, and creativity.

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