Ethereum

Core

Coin

Gains

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 <p>According to crypto analysis firm LookOnChain, a dormant Ethereum (ETH) wallet woke up after 8 years, transferring 32.1 ETH to Coinbase. LookOnChain highlighted that the wallet is an ETH ICO (Initial Coin Offering) participant and that it had received 200 ETH during the token’s “Genesis.” The analysis firm also notes that the wallet “appears to be related to shemnon.eth,” aka Danno Ferrin. Ferrin is an Ethereum Core Developer and has formerly worked at Oracle, Google, and Consensys.</p> 
 <p>The price of Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) during its ICO days was around $0.31. This brings the cost of 32.1 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> at that time to about $9.95. The value of the 32.1 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> today’s value is roughly $52,000. This translated to a growth of approximately <a rel="noopener noreferrer nofollow" title="522210%" href="https://thebittimes.com/tag/522210.html">522210%</a>, which is an incredible return on the initial investment. The wallet still has about 167.9 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> in its possession, which is worth around $271,830. </p> 
 <p><strong>Also Read: Best Place to Stake Ethereum</strong></p> 
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    <p lang="en" dir="ltr">An Ethereum ICO participant who has been dormant for 8 years transferred 32.1 $ETH to #Coinbase just now.<br><br>The address received 200 $ETH at Ethereum Genesis.<br><br>And the address appears to be related to shemnon.eth (@shemnon).https://t.co/nj5eF8iRT0 pic.twitter.com/6Viytn4dU5</p>— Lookonchain (@lookonchain) September 20, 2023 
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 <p>Had the wallet owner sold the tokens during Ethereum’s (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) peak price of $4,878.26, the 32.1 <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> would have been worth $156,583, an additional 201% gain. </p> 
 <h3 class="wp-block-heading" id="h-why-did-the-ethereum-wallet-move-after-8-years-of-sleep">Why did the Ethereum wallet move after 8 years of sleep?</h3> 
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 <p>Since the <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> moved into an exchange, it could be speculated that the holder will sell the tokens. It is possible that the wallet owner decided to book some profits after 8 years of holding. Moreover, since the owner continues to hold a majority of its <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>, it could mean that he is a believer in the crypto. This is further reiterated by the fact that the alleged wallet owner is an Ethereum Core Developer.</p> 
 <p>It is also possible that the wallet owner probably wants to diversify its portfolio, selling the <a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> for some other tokens. At press time, Ethereum (<a rel="noopener noreferrer nofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a>) was trading at $1,619.22, down by 0.9% in the last 24 hours. </p> 
 <p><strong>Also Read: Investing $100 Every Week in Ethereum in 2023 Would Be Worth This Much</strong></p> 
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 <ul> 
  <li>ETH</li> 
  <li>ethereum</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/ethereum-wallet-wakes-up-after-8-years-with-522210-gains-tbt63479.html">https://thebittimes.com/ethereum-wallet-wakes-up-after-8-years-with-522210-gains-tbt63479.html</a></p>

Ethereum Wallet Wakes Up After 8 Years With 522210% Gains

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TheBitTimes

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