An Ethereum ICO participant has emerged from nearly a decade of inactivity.
Lookonchain, an on-chain smart money tracker, revealed on X that this long-dormant participant recently transferred 1,111 ETH, worth approximately $3.7 million, to a new wallet. This significant movement marks a notable on-chain movement, given the participant’s prolonged dormancy.
The Ethereum account in question, identified as 0xE727E67E…B02B5bFC6, received 2,000 ETH at the Genesis block over 9 years ago.
This initial allocation occurred during the Ethereum ICO, where the participant invested in ETH at approximately $0.31 per coin. The initial investment, worth around $620 at the time, has now surged in value to millions.
Recent Transactions and Movement
The dormant account became active again with several notable outflow transactions. Specifically, the account transferred 1,000 ETH, 100 ETH, 10 ETH, 1 ETH, and another 1 ETH to the address 0x7C21775C…2E9dCaE28 within minutes. Additionally, it moved 1 ETH to 0x2aa31476…f5aaCE9B.
Moreover, in the latest series of transactions, the address further transferred 737.995 ETH, 50 ETH, and 100 ETH, totaling 887.995 ETH. These recent activities highlight a significant movement of funds, stirring interest and speculation in the crypto community.
Why Are Whales Reactivating?
It is also evident that apart from 0xE727E67E…B02B5bFC6, other previously dormant Ethereum whales are reawakening with significant transfers.
In May, another dormant Ethereum whale made headlines when it staked 4,032 ETH, valued at $7.4 million, after over two years of inactivity. This whale initially acquired 60,000 ETH during the Genesis block of Ethereum’s mainnet in 2015.
At the time, the activity could have been tied to Ethereum’s upgrade, known as “Shanghai,” which enhanced the network’s scalability and performance. This whale was probably intending to capitalize on the price rally that occurred post-upgrade.
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