In the annals of cryptocurrency history, the Ethereum initial coin offering (ICO) of 2014 remains a pivotal moment. It marked the genesis of a network that, at the time, had yet to independently generate its tokens. This ICO allowed early investors and crypto enthusiasts to amass ETH, which has now evolved into the second-largest cryptocurrency by market capitalization.
The latest on-chain data has unveiled a remarkable development: one of the participants in the Ethereum ICO has reemerged after more than eight years of dormancy. On Saturday, October 21, this participant initiated transfers of their pre-mined Ether tokens to various addresses.
Ethereum ICO Participant Awakens from Hibernation
According to Lookonchain, a blockchain data tracking service, the address in question was part of Ethereum’s Genesis block and received 2,000 ETH more than eight years ago. Back then, these Ether tokens were acquired at a price of $0.31 per token, totaling $620. On a recent Saturday, these ETH tokens underwent their first wallet-to-wallet transfers.
Remarkably, this wallet had remained dormant for precisely 8.2 years, remaining untouched since July 2015. Thanks to the exponential growth of Ethereum and the broader crypto market, the value of this stash has surged to nearly $3.2 million at current prices.
Lookonchain disclosed in a post (formerly on Twitter) that the ICO participant distributed the Ethereum tokens to four different addresses, sending approximately 500 Ether tokens to each address. These transactions were executed within minutes of one another.
The intentions behind this transfer remain a mystery; it is unclear whether the wallet’s owner is preparing to sell the tokens, stake them on the network, or engage in other transactions. If a sale does occur, it might exert temporary downward pressure on ETH’s price.
Large transfers from early ICO participants are relatively rare, but 2023 has already witnessed a few notable instances. In July, an ICO participant moved pre-mined ETH valued at $116 million to a Kraken exchange address.
ETH Price Snapshot
At the time of writing, Ethereum’s price stands at $1,605, reflecting a 0.7% decline in the past 24 hours. This slight dip comes after a week that showed signs of recovery, with ETH’s value increasing by 3.8% over the past seven days.
The preceding week was primarily characterized by the bullish performance of Bitcoin and the circulation of erroneous news regarding a spot ETF approval. Although BTC’s positive trajectory had a positive ripple effect throughout the broader cryptocurrency market, including Ethereum’s price, it was temporarily disrupted.