Major Blow to Ethereum as Whale Sells $113 Million Worth of ETH!

One of the original participants in Ethereum’s 2014 ICO has sold approximately $113 million worth of ETH over the past two weeks. The whale, who acquired the ETH at an average price of $0.31 per token, has been gradually liquidating their holdings.

According to on-chain tracker Lookonchain, the whale transferred 5,000 ETH to Kraken on Monday, marking another sale in a series of transactions that began in late September. Since September 22, the whale has sold a total of 45,000 ETH, valued at $113.2 million. Despite the sales, the whale’s address still holds 94,500 ETH, valued at roughly $230.2 million.

Historical Profit on Ethereum Sales

Lookonchain revealed that this Ethereum ICO participant purchased 150,000 ETH in the genesis block for $46,500, equating to an average of $0.31 per ETH. With the recent sales of 45,000 ETH at an average price of $2,516, the participant achieved a staggering 811,513% return on their initial investment.

At the time of writing, ETH is trading at approximately $2,437.

Other Whale Activity

In addition to the Ethereum sale, Lookonchain noted another whale’s activity in memecoin trading. This whale sold POPCAT for a profit and purchased GIGA. POPCAT is currently trading at $1.23, having dropped 7% in the last 24 hours, while GIGA has risen over 2% to $0.0496.

Large sales like these can significantly impact the market, creating price fluctuations and uncertainty among investors.

Final Thoughts

Movements by large Ethereum whales and other major players can cause significant market volatility. Investors should closely monitor these developments, as they can have substantial effects on Ethereum and the broader cryptocurrency market.

For more updates, stay tuned to Dey There.

Ethereum, whale, ETH sale, ICO, market volatility