An unexpected event has occurred in the Ethereum community as an ICO-era wallet suddenly woke up after being dormant for more than three years. The wallet in question belongs to an early Ethereum ICO participant who received 10,100 $ETH at Ethereum Genesis, when the ICO price was around $0.31 per token. Today, the total value of the transferred 5,055 ETH is worth $8.3 million based on Ethereum's current price of $1,700.
The sudden transfer of such a large amount of Ethereum has raised many questions among market participants. One of the main reasons for the sudden activity in the wallet could be a distribution of funds. The whale could be looking to take profits while the price of Ether is high, or they may be looking to make their investment safer by dividing their holdings between two wallets.
An #Ethereum ICO participant who has been dormant for 3 years transferred 5,055 $ETH($8.3M) to a new address 2 hours ago.— Lookonchain (@lookonchain) February 23, 2023
He/she received 10,100 $ETH at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/Vzr0srcLeH pic.twitter.com/UATXBkXOeU
This sudden transfer of ETH also highlights the immense gains that early Ethereum investors have made since the ICO era. The participant who transferred the 5,055 ETH would have made a profit of approximately $13.5 million based on the current price of Ethereum. This serves as a reminder of the immense potential that blockchain technology and cryptocurrencies offer to early adopters.
While the sudden transfer of ETH may have caused some concern on the market, it is important to remember that it is not uncommon for early investors to move their holdings around. It is also worth noting that the transfer did not have a significant impact on the price of Ethereum.
At press time, Ether is trading at $1,668 after delivering the popular golden cross signal.