A recent X post by cryptocurrency analysis firm LookOnChain has revealed that an Ethereum (ETH) ICO participant has reawakened after 10 years of inactivity. The wallet, which participated in Ethereum’s initial coin offering (ICO) back in 2014, purchased 2000 ETH for just $620, equating to roughly $0.31 per ETH at the time.
Today, the value of the same 2000 ETH has skyrocketed to an impressive $5.13 million, reflecting a staggering 8,270x return on the original investment. LookOnChain reported that the dormant wallet has transferred the 2000 ETH to Binance over the past two days.
This move suggests a high likelihood that the investor is preparing to sell the coins, potentially cashing in on the enormous profit after a decade-long hold. Such events highlight not only the massive growth of Ethereum over the years but also the significant profits that early adopters of cryptocurrency have been able to achieve by holding their investments through the market’s ups and downs.
Is Ethereum Headed for a Market Correction?
Ethereum (ETH) is currently experiencing a recovery following a recent market dip, but investor concerns remain due to ongoing market volatility. One notable factor contributing to this uncertainty is a whale wallet holding 2,000 ETH, which could significantly impact the market if those coins are sold. Such a large sell-off would increase selling pressure and could lead to a correction, amplifying investor anxiety in an already unstable crypto environment.
As of now, data from CoinMarketCap shows Ethereum trading at $2,523.78. The daily charts indicate a 1.2% increase. However, ETH is still down 8.75% over the past week, reflecting the lingering effects of the broader market downturn. On a monthly scale, Ethereum has seen a modest 1.06% increase, but the bigger picture reveals a more concerning trend: ETH is down by 29.15% since June 2024.
Ethereum (ETH) saw a significant price surge in early May after the much-anticipated Pectra upgrade. However, it has struggled to break past the $3000 mark, a level it last surpassed in early February. The asset also breached $4000 in December last year, but it has faced challenges reaching that milestone again in recent years.
Despite technological advancements and its critical role in blockchain innovation, Ethereum (ETH) has struggled to regain momentum since the 2021 bull run, when it reached an all-time high of over $4,800. The cryptocurrency’s performance in the coming weeks remains uncertain.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
