An original Ethereum (ETH) investor moved around $14.7 million into the leading altcoin this weekend after staying with it for nearly eight years.
A participant in the 2014 ETH initial coin offering (ICO) received 8,000 ETH from the Ethereum genesis block in July 2015, then held it until last Saturday, when the large entity dumped all of the Ethereum into an unknown wallet.
Cryptocurrency tracker Lookonchain first reported the transaction.
An Ethereum ICO participant who has been inactive for 8 years woke up today.
— Lookonchain (@lookonchain) May 28, 2023
The Etherscan blockchain tracking service shows that the deep-pocketed investor paid just over $1 to process the large ETH transaction.
The initial offering price of the Ethereum coin was around $0.31, compared to $1,825 at the time of the transaction on Saturday, meaning the value of the ICO participant’s 8,000 ETH skyrocketed. from about $2,480 at the time of purchase to about $14.7 million nearly eight years later, an eye-popping increase of about 588,610%.
At Ethereum’s all-time high price of $4,878, which it reached in November 2021, the 8,000 ETH would have been worth more than $39 million.
The receiving wallet appears to have been created for recent transactions. The address also received 207.8 ETH from an unknown third wallet on Saturday, and currently holds around 8,207.8 ETH with a value of more than $15.5 million, according to Etherscan.
Ethereum is trading at $1,892 at the time of writing. The second-ranked crypto asset by market capitalization is up 2.5% in the last 24 hours and nearly 6% in the last seven days.
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