An Ethereum ICO participant who had been inactive for the past three years has reportedly made a significant cryptocurrency transfer. Lookonchain, a popular crypto analytics platform, earlier today reported on Twitter that the individual had transferred a whopping 5,055 ETH coins to a new address.
The transfer, which is estimated to be worth a staggering $8.3 million, has sent speculation through the cryptocurrency community. The participant’s identity remains unknown, but the individual could be a whale who had been biding their time before making a significant move.
According to Lookonchain, the participant had received 10,100 ETH at the time of Ethereum Genesis, when the ICO price was approximately $0.31. It means that the individual has made a massive profit on their investment, given that the current price of Ethereum is around $1,665.67 per coin.
Ethereum Price Dips by 1.40% In Seven Days
Over the past seven days, the price of ETH has experienced a 1.40% dip. However, the current price still reflects a 1.15% gain over the last 24 hours and a 37% increase since the beginning of the year.
With its strong fundamentals and network effects, Ethereum is positioned to be one of the top performers in the cryptocurrency market as it solidifies its role as the largest layer-one smart contract platform.
Although ETH rallied by 18% between February 13th and February 16th, its price has since remained steady around the $1,700 level.
Despite recent price improvements, investors are monitoring the potential impact of Ethereum’s Shanghai upgrade and tighter regulatory policies, leading to neutral-to-bullish Ether derivatives metrics.
On February 16th, ETH reached a key resistance level, resulting in a high of $1,732.80. Ethereum remained at this level for the following six days, but it dropped below $1,700 and closed yesterday at $1,643.23.
Despite the recent dip in its price, investors are optimistic about the cryptocurrency’s future. As Ethereum continues to cement its position as the biggest layer-one smart contract platform, it is expected to witness big price increases in the coming months.
While there may be some bumps in the road, analysts believe that Ethereum is well-positioned to weather any storms and emerge even stronger in the years to come.
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