An early Ethereum whale who participated in the Genesis ICO and has been dormant for over 2 years returns with a huge stake in ETH.
In a new development, an Ethereum whale has returned to the market after being absent for about 2.4 years. On-chain sleuth Lookonchain made this revelation on Twitter earlier today.
According to the tweet, the investor created a contract about 3 hours ago from writing and staked 4,032 $ETH (equates to $7.4 million). The investor was identified as a participant in Ethereum’s ICO (initial coin offering).
This huge investment was received with positive reactions in the crypto community as it is his first in a long time. The associated wallet address was also shared on the Lookonchain’s tweet.
A whale that had been dormant for 2.4 years created a contract 3 hrs ago and staked 4,032 $ETH ($7.4M).
— Lookonchain (@lookonchain) May 18, 2023
For context, Ethereum Genesis was in the early stage of the network when the ICO took place. Lookonchain further stated that the participant received a huge 60 ETH during the time.
Ethereum Genesis happened in 2014, from July through September. At the time, the price of ETH was $ 0.31 per ETH. When compared to its initial token sale price, ETH has seen a massive ROI of 5,800x.
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Based on Ethereum’s current value, at press time, the whales’ balance is 6.751 ETH which converts to $12,288.33. The 4,032 ETH stake was made in the whale’s most recent transaction, which was recorded approximately six hours earlier. Whether this transaction will impact the market or not, we will have to wait to find out.
Ethereum (ETH) price today
According to data from CoinMarketCap, the price of ETH is currently $1,818.05. It is down 0.15% in the last 24 hours. Ethereum is the second most popular cryptocurrency in the market and as such, it is ranked #2 on the CoinMarketCap chart. Finally, ETH has a live market cap of $218,674,131,712 USD.