A Dormant Ethereum whale has initiated its first ETH transfer after 9 years of staying in dormancy, a move that has sparked speculations
An Ethereum ICO (Initial Coin Offering) holder has resurfaced after being dormant for nine years. This holder’s activity has triggered market speculation among community members. Lookonchain, a data analytics platform, spotted and posted details of the transfer made by this investor.
Modest Ethereum Transaction, Big Implications
The address returned from dormancy to deposit 5 ETH, which is approximately $13,000 at the current market price. The 5 ETH was deposited into a Kraken Exchange wallet which has sparked speculation.
Notably, the participant got 2,000 ETH for $620 nine years ago at the Ethereum ICO. Between late July and early September 2014, the ICO secured about $18 million worth of funding. Less than a year later, the Ethereum blockchain went live in July 2015.
An #Ethereum ICO participant woke up after over 9 years of dormancy and deposited 5 $ETH($13.3K) to #Kraken.
The participant received 2,000 $ETH(ICO cost was $620, now worth $5.34M) at #GENESIS.https://t.co/VYbNI50KeC pic.twitter.com/NSiGNDJj2w
— Lookonchain (@lookonchain) September 25, 2024
After such a long inactivity, this recent deposit of 5 ETH by the dormant holder has sparked debate in the Ethereum community. While some believe the holder is testing the wallet’s functionality before a larger transaction, others hold a different view.
Those in the latter group argue the holder might need the cash to address some personal needs. One user attributed the 5 ETH deposit to a simple sale to profit from Ethereum’s current high price differential compared to when he acquired it.
Further Selloff Ahead?
The holder who made the 5 ETH deposit still has 1,995 ETH from the Ethereum ICO, which is worth approximately $5,236,800.
Although a relatively small deposit, like 5 ETH, seems minor, the holder could have bigger plans. If there is more selloff ahead, it can largely impact the price of Ethereum in the long term.
This price outlook is currently surfacing as Ethereum traded for $2,621.79 at the time of writing, representing a 0.97% slip in the last 24 hours.
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