An early participant in Ethereum's initial coin offering (ICO) has ended an eight-year hiatus, depositing a staggering 61,216 ETH, equivalent to approximately $116 million, into cryptocurrency exchange Kraken, according to data provided by Lookonchain.
This participant was part of Ethereum's Genesis event, where the initial coin offering (ICO) took place, securing their tokens at an ICO price of roughly $0.31 per ETH.
Ethereum's ICO, which occurred in 2014, was a fundraising event to support the development of the Ethereum platform. This event was one of the first significant instances of an ICO in the cryptocurrency world.
Participants in the ICO were able to purchase Ethereum tokens, also known as Ether or ETH, at a cost of approximately $0.31 each. It is noteworthy to mention that Ethereum's current market price is $1,912.23, which shows a tremendous increase in value for those who bought in early and held onto their tokens.
Tomiwabold OlajideThese whale movements can often impact the market, causing price volatility due to the sheer size of the transactions.
In this particular case, the Ethereum ICO participant's activity comes at a time when Ethereum's market cap stands at $229 billion with a 24-hour trading volume of $9.8 billion. The flagship altcoin is sitting at $1,911 on major spot exchanges after a modest 0.4% price increase.
As we have seen in the past, the actions of such dormant account holders can have a considerable impact on market dynamics and investor sentiment, and it will be interesting to observe any potential ripple effects from this recent transaction.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov