Originally published on: October 24, 2024
An Ethereum ICO investor has continued to offload thousands of Ether tokens, cashing in on millions of dollars in profits. The whale sold another 3,000 ETH on Oct. 24, totaling over $7.6 million, as reported by blockchain analytics service Lookonchain.
This sale follows a previous dump of $24 million worth of cryptocurrency a few months ago. The transactions have accounted for about 4% of the investor’s total ETH received during the Ethereum ICO in 2015, totaling 254,908 ETH.
Unlike Bitcoin, Ethereum was launched through an ICO in 2014, with Vitalik Buterin announcing the sale of the Ether token at a conference in Miami. The ICO raised around $18 million at the time, selling 60 million ETH to investors.
Some early Ethereum investors have become millionaires holding large amounts of ETH over the years, with many cashing out during price surges. Despite still holding 37,070 ETH worth roughly $94 million, this particular whale continues to sell off portions of their holdings.
The latest sale of 3,000 ETH has not caused a significant drop in the price of ETH, which is currently trading at $2,521, down 2.4% in the last 24 hours. However, over the past year, Ether has seen a 38% increase in value, indicating it remains a lucrative investment option.
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