A diamond-handed whale who received 2,000 ETH nine years ago has moved his assets after years of inactivity.
Another Ethereum whale has awoken after 3,314 days of being inactive. Data from blockchain tracker Whale Alert showed that the wallet address moved millions worth of Ethereum on Monday.
The whale, which had been inactive for over nine years, was one of the beneficiaries of the Ethereum initial coin launch (ICO) airdrop. The address received 2,000 ETH ($5.47 million) from the Genesis block in 2015 and has left them untouched since then.
On-chain data from Etherscan shows that the wallet sent the 2,000 ETH to three different addresses. The addresses were 0x0f24…95C03, 0xCe85….75a1D, and 0xD37….075E2.
Notably, this whale received the 2,000 ETH when the asset was worth a mere $0.31. His wallet has moved from being worth $620 over nine years ago to $5.474 million at the current market price, a return of 880,000% ($5.473 million).
Notably, returns in this manner characterize the insane potential that holding cryptocurrencies for a long time could bring. MicroStrategy and El Salvador have benefited from the periodic acquisition and hodling of Bitcoin, respectively sitting at unrealized gains of $6.14 billion and $93.43 million.
Increased Whale Activity
The Monday fund movement happened less than a month after another Ethereum ICO whale transferred his holdings. The whale also held 2,000 ETH received from the Genesis block.
Data showed that on July 30, the address moved all its ETH (worth $6.67 million at the time of transfer) to different addresses following nine years of inactivity.
There has recently been an awakening and increased selling pressure from whales who benefited from the Ethereum ICO in 2015. The Crypto Basic reported large sales from the Golem network, which also participated in the ICO event.
Increased sales from whales in this manner usually create tension in the market. However, the transactions barely moved Ethereum, which was trading for $2,744 at the time of writing. ETH has increased over 6% in the past seven days after an underperforming start to the month.
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Source: https://thecryptobasic.com/2024/08/26/ethereum-ico-address-containing-2000-eth-awakens-after-9-1-years/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-ico-address-containing-2000-eth-awakens-after-9-1-years