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According to on-chain data, an <a href="https://u.today/ethereum-fees-hit-their-lowest-since-late-2023-details" rel="noopener noreferrer nofollow">Ethereum</a> ICO participant has reawakened after nine years of dormancy. According to blockchain analytics firm Lookonchain, the long-inactive address, which participated in Ethereum's initial coin offering (ICO) in 2014, has taken action for the first time in almost a decade.
The address in question initially received 500 ETH during Ethereum's ICO, when the price was around $0.31 per ETH. At that time, the total cost of the ETH stash was just $155. Fast forward to today, and the value has skyrocketed to nearly $1.25 million, representing a whopping 806,351% gain.
In a tweet, Lookonchain <a href="https://x.com/lookonchain/status/1820849726910321027" rel="noopener noreferrer nofollow">reported</a>: "An Ethereum ICO participant woke up just now after 9 years of dormancy. This guy participated in the Ethereum ICO 9 years ago and received 500 ETH (cost was only $155, now worth $1.25 million), and the ICO price was $0.31."
<blockquote>
 An <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ICO participant woke up just now after 9 years of dormancy.This guy participated in the <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ethereum</a> ICO 9 years ago and received 500 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>(cost was only $155, now worth $1.25M), and the ICO price was $0.31.He transferred 0.1 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> to a new address just now, which may… <a href="https://t.co/4f0W7oCJMd" rel="noopener noreferrer nofollow">pic.twitter.com/4f0W7oCJMd</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1820849726910321027?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 6, 2024</a>
</blockquote>
The reawakening was significant as the Ethereum large holder took a surprising action rather than sell the entire stash.
According to Lookonchain, the said ETH address transferred 0.1 ETH to a new address, which it speculates might be a transfer test possibly indicating that major transactions could follow. The whale's next move remains unknown and will be closely monitored by the market.
<h2 id="eth-price-action">ETH price action</h2>
Ethereum recovered from sharp losses on Tuesday following a major sell-off after risk aversion in global markets spilled into cryptocurrencies. The rout is the first big stress test for digital assets since a group of spot-Bitcoin and Ether exchange-traded funds debuted in the United States in January and July.
Ethereum rose to above $2,550 in Tuesday's trading session while Bitcoin edged back up to $56,000. The moves signal a partial rebound after Monday's huge sell-off, which saw Ethereum sink to its lowest point since 2021.
At the time of writing, Ethereum was sustaining its <a href="https://u.today/ethereum-eth-surges-449-in-surprising-whale-activity-amid-market-dip" rel="noopener noreferrer nofollow">rebound</a>, up 2.66% in the last 24 hours to $2,522 as the crypto market continued to recover.
However, the gains in Bitcoin, Ethereum and other cryptocurrencies may be short-lived without a major improvement in the macro-economic environment, a factor that will be closely monitored in the coming days.

Ancient Ethereum Whale Reawakens With 806,351% Profits: Details

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