Ethereum ICO Whale Moves 2000 ETH During Recovery

After over 8.7 years of dormancy, an Ethereum ICO whale reactivated, sparking speculation in the digital currency ecosystem.

A participant in an Initial Coin Offering (ICO) for Ethereum (ETH) has reactivated after remaining dormant for more than 8.7 years. This action has sparked speculation in the ecosystem of digital currencies.

Ethereum ICO Whale and Selloff Move

According to the information provided by the cryptocurrency analytics portal Lookonchain, the first activity that the whale is responsible for is the transfer of a total of 2,000 ethers, which is estimated to be worth as much as $6.5 million based on the current market price of the digital currency, which is at $3,350.

Based on the data from Lookonchain, the Ethereum whale visited Genesis and bought 2,000 ETH tokens at a cost of $0.31 each. At that moment, we estimated the total ETH received to be $620, and calculated the entire growth to be 1,080,545.16%.

After a period of inactivity that spans several years, it is not unusual for Ethereum ICO whales to reawaken. However, what’s fascinating is the timing of their reappearance and the actions they take when they do.

It is worth noting that this particular whale transferred exactly 1,999 ETH to an unknown wallet, rather than a wallet associated with an exchange. For liquidation, this private address would suggest a shift to an over-the-counter desk.

To further ensure their safety, it’s possible to move the money to a staking address or another wallet. It is noteworthy that this whale has begun using the wallet with another transaction that involves the ShibaInu.eth name service.

The completion of the Genesis coin transaction preceded this transaction by a few hours. According to Etherscan data, the whale wallet has a total holding value of $195.07, as determined by the data from Etherscan.

The multichain address stores 45 tokens, which make up this value. Considering the expansion that the Ethereum protocol has experienced in recent years, the timing of the development of the Ethereum ICO whale is entirely explicable.

During the period in which the whale was able to acquire 2,000 ETH, the protocol was functioning as a Proof-of-Work (PoW) consensus mechanism, and miners were in charge of validating transactions.

During the merger event, the Ethereum Foundation switched to a proof-of-stake (PoS) blockchain for the network. Environmental concerns and the need for increased scalability led to this decision.

The development effort on Ethereum also included the recent debut of the Dencun Upgrade as well as plans to usher in the Electra Upgrade, which would enable additional data composability.

Both of these developments took place this month. When the current Ethereum ICO whale transfer occurred, the cryptocurrency returned after falling from its 52-week high of $4,092.28 to its 52-week low of $2,906.58.

Over the last 24 hours, the price of Ethereum has increased by 0.65%, reaching $3,401.55 as of this writing.