u.today
According to on-chain data, an Ethereum ICO participant has reawakened after nine years of dormancy. According to blockchain analytics firm Lookonchain, the long-inactive address, which participated in Ethereum's initial coin offering (ICO) in 2014, has taken action for the first time in almost a decade.
The address in question initially received 500 $ETH during Ethereum's ICO, when the price was around $0.31 per $ETH. At that time, the total cost of the $ETH stash was just $155. Fast forward to today, and the value has skyrocketed to nearly $1.25 million, representing a whopping 806,351% gain.
In a tweet, Lookonchain reported: "An Ethereum ICO participant woke up just now after 9 years of dormancy. This guy participated in the Ethereum ICO 9 years ago and received 500 $ETH (cost was only $155, now worth $1.25 million), and the ICO price was $0.31."
An #Ethereum ICO participant woke up just now after 9 years of dormancy.
— Lookonchain (@lookonchain) August 6, 2024
This guy participated in the #Ethereum ICO 9 years ago and received 500 $ETH(cost was only $155, now worth $1.25M), and the ICO price was $0.31.
He transferred 0.1 $ETH to a new address just now, which may… pic.twitter.com/4f0W7oCJMd
The reawakening was significant as the Ethereum large holder took a surprising action rather than sell the entire stash.
According to Lookonchain, the said $ETH address transferred 0.1 $ETH to a new address, which it speculates might be a transfer test possibly indicating that major transactions could follow. The whale's next move remains unknown and will be closely monitored by the market.
$ETH price action
Ethereum recovered from sharp losses on Tuesday following a major sell-off after risk aversion in global markets spilled into cryptocurrencies. The rout is the first big stress test for digital assets since a group of spot-Bitcoin and Ether exchange-traded funds debuted in the United States in January and July.
Ethereum rose to above $2,550 in Tuesday's trading session while Bitcoin edged back up to $56,000. The moves signal a partial rebound after Monday's huge sell-off, which saw Ethereum sink to its lowest point since 2021.
At the time of writing, Ethereum was sustaining its rebound, up 2.66% in the last 24 hours to $2,522 as the crypto market continued to recover.
However, the gains in Bitcoin, Ethereum and other cryptocurrencies may be short-lived without a major improvement in the macro-economic environment, a factor that will be closely monitored in the coming days.