A large whale in the cryptocurrency world has been making headlines. This whale accumulated a huge amount of Ethereum ($ETH) over eight years ago. Between January 18 and March 10, 2016, the whale bought 398,889 $ETH at an average price of about $6 per coin. At that time, this investment was equivalent to approximately $2.4 million, as noted by Lookonchain.
Crypto Whale Sells 73K $ETH, Retains Vast Ethereum Holdings
Fast forward to November 7, 2024, the whale came back online after being dormant for more than eight years. The whale has begun selling some of Ethereum they had been holding. In total, it has sold 73,356 $ETH, which, at today’s prices, equals to about $224.42 million.
This is to mean that even after selling a large amount, the whale still retains a big percentage of the initial coin investment. There are still 325,533 $ETH in the wallet, which at today’s prices is equivalent to about $1.1 billion.
That activity of this whale is becoming popular because of the vast amount of stock it has been buying. The Ethereum has acquired a lot of value over the years. While it used to be a small investment, it is now valued over a billion dollars.
Whale Activity Fuels Speculation on Ethereum’s Future
This whale has recently started to active its Ethereum account and this has brought into question the future of Ethereum. A lot of people think that this may mean a shift in market conditions. Some are concerned with the possibility of such a large volume of selling have on the price of $ETH.
This story, reported by Lookonochain, demonstrates how people who invested in the emerging market of cryptocurrencies such as Ethereum are likely to gain a lot of money in future. For now, the whale has not sold most of its Ethereum, and many will be waiting to see the next move.
Source: https://blockchainreporter.net/crypto-whale-sells-224m-in-eth-after-8-years-of-dormancy/