Ethereum tokens bought for $11 six years ago change addresses after 18,000% rally

Key Takeaways:

  • The whale transferred 145,000 ETH to different wallets.
  • ETH price drops 5% in the last 24 hours.
Ethereum (ETH) Bullish
In the 2116 days, the Ethereum token has amassed a fortune worth $290 million.

LAGOS (CoinChapter.com) — The Goerli testnet successful shift to a proof-of-stake (PoS) consensus seems to have triggered a lot of activities in the Ethereum ecosystem as an ETH whale dormant for almost six years has woken up.

In detail, the whale which owned 150,000 ETH started moving the tokens on Sunday to a list of unmarked wallets. Interestingly, data from Etherscan, a blockchain analytic platform, revealed that the whale had obtained those tokens for $11 six years ago.

In 2116 days, the Ethereum token has amassed a fortune now worth $290 million at the time of publication.

ETH
ETH transaction from the whale to several unmarked addresses. Source: Etherscan.

Meanwhile, the whale’s initial source of the ETH was from participation in the Ethereum Genesis ICO in 2014. However, the whale sold around 5,000 ETH on the Bitfinex exchange back in July 2019 for $219 per coin. The total value of the transaction was around $1 million.

Notably, the whale has transferred approximately 145,000 ETH to different unmarked wallets over the past day. According to Etherscan, the tokens were mainly transferred in batches of 5,000, 10,000, 15,000, and 20,000.

Additionally, after emptying the wallet, the whale indulged in a few transactions. In retrospect, its balance stood at 1.189 ETH, around $2339.2 at press time.

Ethereum Whales On The Rise

Meanwhile, in a parallel development, the planned migration of the entire Ethereum network to a proof-of-stake (PoS) consensus mechanism from proof-of-work (PoW) has triggered a bullish sentiment around the token.

Ethereum Whales
ETH Whale transactions reach a two-month high. Source: Santiment.

Data from crypto analytic firm Santiment revealed that ETH whales had sharply increased in recent weeks. The growth reportedly began after the Ethereum value picked up last week, which ended a months-long negative streak.

More precisely, last week, there were around 131 new ETH wallets; however, the total number has exceeded 6,500 today.

Furthermore, the trend is similar with smaller ETH investors as well. Those holding at least a full one have charted an all-time high of over 1.5 million. On the other hand, addresses with 100 or more tokens are up to a 17-month high of more than 118,612.

Moreover, the increase in Ethereum’s price has also affected the total value locked in the ETH 2.0 deposit contract. Data from on-chain metrics Glassnode indicates that more than $14 billion is currently staked in Ethereum 2.0 deposit contract.

Ethereum, Ethereum tokens bought for $11 six years ago change addresses after 18,000% rally

ETH Surges 50% In The Last 30 Days

Additionally, Ethereum’s value, in line with the recent recovery across the cryptocurrency market, has surged by more than 50% in the last 30 days. In fact, in the past seven days, Ethereum has surged by 14% bringing the number of addresses in loss to a monthly low of 33.2 million.

Moreover, ETH also registered a recent uptick in capital inflows into Ethereum-based institutional investment funds. At the time of publication, the token stands at $1,904, with a market cap of $228.4 billion.

However, on that day, the ETH price was down by 5% and was over 60% off its all-time attained in November 2021. It currently has a 24-hour trading volume of $18.7 billion with a circulating supply of 120 million ETH coins and a total supply of 120 million.

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Ethereum, Ethereum tokens bought for $11 six years ago change addresses after 18,000% rally

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