After 8 long years of hibernation, a former Ethereum whale made a multi-million dollar move into the ETH token.
For weeks now, experts have considered that the crypto market is inevitably approaching an upward trend. In other words, we would currently be experiencing a period of accumulation that would end next year with a new all-time high in the price of Bitcoin.
The large holders of cryptocurrencies continue to star in this context of the crypto market with surprising movements. In this case it was a former Ethereum whale, which made a million-dollar move in ETH tokens after 8 years of dormancy.
The curious thing about this wallet is that the ETH content it contained were pre-mined coins. With this you can get an idea of the age of the investor’s possessions, considering that this currency is no longer mined. For years, obtaining Ethereum has been done through the Proof-of-Stake (PoS) protocol.
It should be noted that the total amount in the wallet amounted to 2,000 ETH, which is equivalent to approximately $3,250,000. According to the tracking address, Whale Alert, the wallet was dormant for 8.2 years. Thus, the owner of the coins stopped trading with it in 2015.
Ethereum Whale on the Charge
The behavior of the investor typically called a whale may be different in Bitcoin and Ethereum. However, that does not mean that there are not some similarities in general features. For example, the objective of both is the same: to multiply their profits through their movements.
In this case, the whale with ETH is a long-term holder, unlike others who make constant movements. Be that as it may, the behavior of whales has a notable influence on cryptocurrencies, especially in times of low trading volume.
Large network movement trackers found that the whale moved its funds in four different directions. On the other hand, it stands out that the person obtained that number of coins for a price a little higher than $600 dollars.
This simple fact is strong proof of how profitable cryptocurrencies stored in the long term can be. The profits made by this person would have been considerably higher had he withdrawn in 2021, when the price of ETH reached its all-time peak. However, the current price is enough to give you a huge return.
The aphorism that time tells everything is fulfilled to the letter in the world of cryptocurrencies. Thus, in the long term, a relatively modest investment can turn a person into an Ethereum whale like this old wallet.
This is the Price of ETH
Currently, Ethereum’s native currency changes hands for a price of $1,632 per unit. This represents 5.1% over the last 7 days and 2.8% over a month. This positive performance comes in response to the rising price of the pioneering digital currency, Bitcoin.
So far in 2023, the price of ETH presents a performance of 36.09%, well behind the notable 82.2% growth of Bitcoin, which once again passed the barrier of $30,000 per coin. It is worth noting that Bitcoin whales, like Ethereum whales, are also extremely active.
Recently, it was known that the number of wallets with more than 100 BTC skyrocketed in 2023, which marks a prelude to a possible bull market. For weeks now, experts have considered that the crypto sector is in an accumulation phase prior to a new bull-run.
By Audy Castaneda