Ethereum’s 2014 ICO Participant Sells $113 Million Worth of ETH
A recent report from crypto tracker Lookonchain has revealed that a participant in Ethereum’s initial coin offering (ICO) back in 2014 has been on a selling spree, unloading more than $113 million worth of ETH in the past few weeks. The whale in question dumped 5,000 ETH, equivalent to $12.22 million, to a Kraken deposit address on Monday, adding to the significant amount of ETH already sold since last month.
Since September 22nd, the whale has sold a total of 45,000 ETH, totaling $113.2 million. Despite the massive sell-off, the address still holds a substantial amount of 94,500 ETH, worth $230.2 million. Lookonchain notes that the ICO participant initially received 150,000 ETH at the Genesis block for a cost of $46,500, resulting in an average price per ETH of $0.31. By selling the 45,000 Ethereum at an average price of $2,516 per ETH, the whale has realized gains of 811,513% on the unloaded ETH.
At the time of writing, Ethereum is trading at $2,437. Additionally, Lookonchain highlighted another whale’s profitable trades involving memecoins. The smart whale sold POPCAT for profit and bought GIGA, selling 2.66 million POPCAT ($3.61 million) at $1.36 and buying 30.22 million GIGA at $0.048, resulting in a profit of approximately $3.96 million.
POPCAT is currently trading at $1.23 and has seen a decrease of nearly 7% in the past 24 hours. On the other hand, Gigachad (GIGA) is trading at $0.0496 and has experienced an increase of more than 2% in the past day.
In conclusion, the recent selling spree by the Ethereum ICO participant and the profitable memecoin trades by the smart whale showcase the dynamic nature of the crypto market. Stay updated on the latest crypto trends and developments by subscribing to our email alerts and following us on social media platforms like Twitter, Facebook, and Telegram.
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