Dormant Ethereum Whale Moves 1 ETH After 10 Years 787,000% Gain

An anonymous Ethereum user, who had been inactive for a decade, suddenly transferred 1 ETH on June 29, sparking discussions about the potential implications of this move. The wallet in question had acquired 1,000 ETH during Ethereum’s initial coin offering (ICO) at a price of $0.31 per token, amounting to an initial investment of $310. This investment has since grown to approximately $2.44 million at current prices, representing a profit of around 787,000%.

Ethereum, envisioned by Vitalik Buterin in his 2013 whitepaper, launched in July 2015 following an ICO and has since become the flagship altcoin in the cryptocurrency market. The recent transaction by the dormant whale marks the end of a 10-year period of inactivity. Such large transactions by early adopters can significantly influence market sentiment, often indicating preparations for selling holdings.

This move comes on the heels of another significant transaction where a long-dormant whale sent $12 million worth of Ether to the Kraken crypto exchange earlier this week. The whale had acquired a total of 107,000 ETH in 2016 at an estimated value of $1.39 million. The recent activity by these early adopters suggests a potential shift in the market dynamics, as these holders may be looking to capitalize on the significant gains they have accumulated over the years.

Despite the impressive returns, Ethereum is still down 49.8% from its all-time high set in late 2021. The current price of ETH is $2,459, reflecting a modest 0.2% increase on the day of the transaction. The market's reaction to these large transactions will be closely watched, as they could signal a broader trend of early adopters cashing in on their investments.

According to the analyst's forecast, SkyBridge Capital founder Anthony Scaramucci recently predicted that Solana’s SOL will overtake ETH in terms of market cap, though he did not provide an exact timeline. Scaramucci claimed that he doesn’t hold a negative view of Ether, but that “I just understand the Solana story a little bit better.”