Ethereum ICO Wallet Transfers Millions in ETH as Ethereum Turns 9

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As a seasoned crypto investor with over a decade of experience under my belt, I have witnessed the evolution of the digital asset market from its infancy to its current maturity. The recent news about the dormant Ethereum whale transferring half of its holdings after nine years has caught my attention. This reminds me of the early days when I participated in the 2015 Ethereum Initial Coin Offering (ICO) and received a small amount of ETH for a paltry sum, similar to that of the whale in question.

Multiple data repositories have recently detected an Ethereum “giant investor” that has been inactive since the Initial Coin Offering (ICO) in 2015, but has now resurfaced.

The wallet has transferred half of the millions in ETH that it contained.

Premine Ethereum wallet shovels funds

Expert: A notable figure in the blockchain community, Whale Alert, recently disclosed that an Ethereum ICO participant’s wallet, which had been inactive for almost a decade, has become active once more. This wallet contained 2,000 ETH tokens, obtained during Ethereum’s inception. At the time of acquisition, each ETH token was valued around $0.31.

With the present ETH-to-dollar exchange rate, 2,000 ETH are equivalent to approximately $6,681,471. The contrast between the $620 spent on ETH in the past and its current worth represents an astounding increase of around 1,077,560%.

A sleeping participant in an Ethereum Initial Coin Offering (ICO) suddenly became active again after a 9-year hibernation, moving 1,111 $ETH, equivalent to around $3.7 million, into a newly created wallet. This individual originally obtained 2,000 $ETH, or roughly $6.67 million, during Ethereum’s Genesis event, when each $ETH cost approximately $0.31.— Lookonchain (@lookonchain) July 30, 2024

Based on data from the Smart Whale monitor on X, which is accessible through Lookonchain, it appears that this early-mined ETH whale has transferred around half of their Ethereum hoard – equivalent to approximately 1,111 ETH or $3.7 million – in an undisclosed destination. This transfer took place across four distinct transactions, involving quantities of 1,000, 100, 10, and 1 ETH respectively.

Ethereum turns 9 years old, Vitalik Buterin reacts

9 years ago in 2015, Vitalik Buterin, co-founder and face of Ethereum, marked the occasion on his X social media platform by reminding the ETH community that it was on this day that the Ethereum network went live.

Vitalik expressed joy on Ethereum’s “birthday” and shared his excitement about the prospects of what the coming ten years may hold for Ethereum.

At present, Ethereum holds the second position among cryptocurrencies in regard to market capitalization, which amounts to approximately $401.45 billion. The current value of Ethereum is around $3,340 per token.

Lately, the United States Securities and Exchange Commission (SEC) gave a green light for the debut of Ethereum exchange-traded funds (ETFs). These ETFs were introduced by the same entities that, in January this year, obtained SEC approval to initiate trading spot Bitcoin ETFs.

Despite this notable increase in value, Ethereum’s price movement over the past few days – a surge of over 9%, from $3,115 to around $4,000 – has not resulted in any substantial long-term effects on its current price. However, after reaching that level, Ethereum was later pushed down and is now being traded within its current price range. The skepticism among Bitcoin maximalists remains high regarding the potential success of Ethereum ETFs compared to those of Bitcoin.

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2024-07-30 15:59