Originally published on: October 24, 2024
An active participant in the Ethereum initial coin offering (ICO) recently made headlines by selling off a substantial amount of Ether tokens. This Ethereum whale dumped a total of $24 million worth of the cryptocurrency a few months ago and has continued to offload assets, recently cashing out $7.6 million.
According to reports from the blockchain analytics service Lookonchain, the whale sold 3,000 Ether (ETH) on Oct. 24, fetching a price of $2,540.60 per token. This sale follows a previous transaction in July where the same address sold 7,000 ETH, leading to a 15% drop in Ether’s price.
The whale received a total of 254,908 ETH during the Ethereum ICO in 2015, accounting for roughly 4% of their holdings. Despite the recent sales, the whale still holds 37,070 ETH valued at around $94 million, showcasing their continued confidence in the cryptocurrency.
Unlike Bitcoin’s launch without an ICO, Ethereum introduced its Ether token through a token sale in 2014. Vitalik Buterin, the co-founder of Ethereum, announced the ICO at a Bitcoin conference in Miami, raising around 31,000 Bitcoin worth $18 million at the time.
While the recent sale did not cause a significant price drop in Ether, the cryptocurrency has seen some fluctuations in the past 24 hours but remains up 38% over the year according to CoinGecko data.
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