An Ethereum ICO participant resurfaced after nine years of dormancy, transferring 1,111 ETH (worth $3.7 million) to a new wallet on the network’s ninth birthday.
Ethereum whales have been cashing out on their investments, with the number of addresses holding more than 1,000 coins declining to multi-year lows.
ETH has experienced major value growth since the ICO, standing 2,552.9% above its ICO price of $0.13.
In the latest development, an Ethereum ICO participant emerged from a nine-year slumber on Tuesday, moving a substantial portion of their investment to a new wallet. The early investor’s reappearance coincides with the Ethereum network’s ninth birthday, marking a significant milestone for the cryptocurrency.
Initial coin offerings (ICOs) differ from a project’s launch date, as they involve the issuance of digital tokens or coins for sale to investors in exchange for funding.
Ethereum ICO Participant Transfers 1,111 ETH to New Wallet
Blockchain analytics firm Lookonchain reported the transaction on Tuesday, revealing that the early investor transferred 1,111 Ethereum (ETH) tokens, worth approximately $3.7 million, to a new wallet. The address in question had originally received 2,000 ETH tokens during the Ethereum ICO.
An #Ethereum ICO participant woke up after 9 years of dormancy and transferred 1,111 $ETH($3.7M) to a new wallet.He received 2,000 $ETH($6.67M) at #Ethereum Genesis, the $ETH ICO price is ~$0.31.https://t.co/5RySljuw7R pic.twitter.com/fMoaDcmFfB
— Lookonchain (@lookonchain) July 30, 2024
“An Ethereum ICO participant woke up after 9 years of dormancy and transferred 1,111 ETH ($3.7M) to a new wallet. He received 2,000 ETH ($6.67M) at Ethereum Genesis, the ETH ICO price is ~$0.31,” Lookonchain stated in their report.
The ICO participant’s transaction coincides with the Ethereum network’s ninth birthday, following the project’s launch on July 30, 2015. This is not the first instance of an early investor resurfacing after a prolonged period of inactivity.
In 2023, another early investor made a similar move, emerging after eight years of respite to transfer 8,000 ETH, worth $14.7 million at the time, to a new address.
In a separate report from the same year, an investor who had received 60,000 ETH during the ICO created a contract and staked 4,032 ETH, valued at $7.4 million.
Ethereum whales, or large holders of ETH, have been progressively cashing out on their investments over the past few years. The number of addresses holding more than 1,000 coins has been on a steady decline, reaching multi-year lows, as evidenced by data from Santiment.
This trend aligns with the narrative of Ethereum ICO participants claiming value for their investments made during the 2014 ICO.
