Ethereum Whales: Awakening and Profiting From Long Dormancy
Ethereum (ETH) has recently witnessed the awakening of several whales on its network, with significant amounts of coins being moved and staked. This article explores the activities of these whales and their potential impact on the cryptocurrency market.
Participation in Ethereum’s Initial Coin Offering (ICO)
One whale, in particular, has recently moved and staked 641 ETH, valued at approximately $1.2 million. LookonChain, an on-chain analysis account on Twitter, first noticed this movement. According to LookonChain’s data, the whale received an exact amount of 2,000 ETH after participating in Ethereum’s ICO almost eight years ago, just before the network’s launch.
The Ethereum ICO Participant’s Story
Upon participating in Ethereum’s ICO, the whale acquired the tokens at a cost of $0.31 each, resulting in a total investment of $620. With the current ETH price at around $1,830 per coin, the total value of this wallet now exceeds $3.66 million. This massive increase translates to a staggering profit of nearly 600,000%.
A Summer of Awakening Crypto Whales
This occurrence is not isolated, as Ethereum has witnessed other ICO participants re-engage with the cryptocurrency market after prolonged inactivity. In this summer alone, one whale transferred over 61,216 ETH, amounting to over $116 million, to the crypto-exchange Kraken. Additionally, there have been significant transfers of $15 million in May and smaller transfers in April.
It is not only the Ethereum network that has experienced the awakening of whales. Bitcoin (BTC) whales have also started resurfacing after years of dormancy. One BTC investor, in particular, achieved an exceptional profit margin of 600,000%.
The recent surge in whale activity within the Ethereum network has attracted attention and speculation from market observers. The substantial profits made by these whales highlight the potential for significant gains in the cryptocurrency market. As more whales awaken, the dynamics of the market are likely to change, affecting both Ethereum and other cryptocurrencies such as Bitcoin.
Only time will reveal the full implications of this awakening, as well as the long-term effects on the cryptocurrency market as a whole.