Ripple ledger records another crypto whale transaction of 1.1 billion XRP
A whale alert posted on Twitter notified the crypto community about a crypto whale which moved over a billion XRP to the Ripple OTC distribution wallet. The transaction which took place on January 1 saw XRP worth over $300 million being transferred from an unknown wallet. The transaction fee was noted to be a meager 0.005 XRP.
According to data obtained from Bithomp, blockchain explorer, the Ripple ledger witnessed a transaction of about 1.1 billion XRP, currently, close to $400 million. Reportedly, the receiving account now possesses over $4.5 billion XRP, which amounts to more than 10% of the total circulating supply of the cryptocurrency.
Transaction Type: Payment
Amount: 1,108,302,303.98 XRP
Fee: 500 drops (0.0005 XRP)
Sender Balance: 971,697,774.9975
Receiver Balance: 4,623,866,322.93109
— XRPL Monitor (@XRPL_Monitor) January 1, 2019
This is not the first time that a hefty amount of XRP was moved to unknown addresses. In August this year, XRP charts recorded two huge transactions worth over 6 billion XRP. The first transaction saw a transfer of 2.1 billion while the second recorded 4.6 billion XRP.
These transactions accounted for 6.7 percent of the total XRP supply existing in the market. Also, the transaction fee was noted to be less than a cent for each transaction. Speculators said that one of these transactions belonged to Jed McCaleb, the former CTO of Ripple and was transferred from a Genesis block.
Ripple had earlier disclosed that it owned 60 billion XRP while about 55 billion tokens are locked up in escrow. This means that 60% of its total supply of over 90 billion of its native cryptocurrency is under the control of Ripple. Some argue that this suggests a strong degree of centralization, while other skeptics claim the coin exists only to fund the firm and inflate its valuation.
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