July 19, 2023 8:20 AM | 2 min read
An individual who took part in an Ethereum (CRYPTO: ETH) Initial Coin Offering (ICO) re-emerged from dormancy after a staggering 8 years and deposited 61,216 Ethereum to the popular cryptocurrency exchange, Kraken.
What Happened: The transaction took place approximately 2 hours ago, according to on-chain data analytics platform Lookonchain.
The ICO participant experienced an incredible gain of approximately 619,009% as their initial investment of $18,961.76 in Ethereum surged to a value of $116 million. This substantial increase in value was fueled by Ethereum’s current market price of $1,918 per token.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!
See More: A Stay At The Floating Palace From James Bond’s ‘Octopussy’
“The Best Report Benzinga Has Ever Produced”
Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!
Advertorial
Why It Matters: The Ethereum Genesis event represents a pivotal moment in the history of Ethereum, marking the creation and distribution of the cryptocurrency. Participants who contributed during the ICO were able to acquire Ethereum tokens at the early-stage price, with the hope that the project would gain traction and flourish over time.
When a whale deposits a large sum of crypto onto exchanges, it signifies their intention to actively trade or convert their holdings. This can have significant implications for market liquidity and potentially impact the overall price movement of the asset being deposited.
Read Next: Bitcoin, Ethereum, Dogecoin In Red Post US Retail Sales Data Release: Analyst Predicts This Popular Meme Coin Could Rally 157% Mirroring XRP Gains
Join Benzinga’s Future of Crypto in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
