Analysis from blockchain tracker Lookonchain reveals that an investor who participated in Ethereum’s initial coin offering (ICO) has traded nearly $30 million worth of ETH after years of dormancy.
In a post on the social media platform X, Lookonchain says that the Ethereum holder awoke from a long slumber to unload thousands of ETH in less than four weeks.
Data shows the entity sending its coins to the crypto exchange Kraken, presumably to be sold.
“The Ethereum ICO participant sold another 1,500 ETH ($1.76 million) again [on May 3rd.]. Since ending a long dormancy on April 17th, [the entity] has sold 16,500 ETH ($29.35 million) at an average price of $1,779 and still holds 13,500 ETH ($24.82 million).”
ETH is trading for $1,830 at time of writing, a 4.8% decrease on the day.
The analytics firm also finds that deep-pocketed holders of the Official Trump (TRUMP) memecoin are offloading the asset as well, albeit at a loss.
“Two whales dumped 765,128 TRUMP ($8.58 million) at a loss of $2.34 million! 3kjP9L made $196,000 on TRUMP before, sold 337,560 TRUMP ($3.81 million) [on May 4th] and lost $1.38 million.
7X6Vun made $732,000 on TRUMP before, sold 427,568 TRUMP ($4.77 million) [on May 4th] and lost $961,000! Not only did they wipe out all previous gains, they also lost ~$1.42 million in principal.”
TRUMP is trading for $11.00 at time of writing, a 4.55% decrease during the last 24 hours.
Meanwhile, Lookonchain spotted a different whale who went long on Bitcoin (BTC) and a slew of altcoins – including ETH – and is currently sitting in profit.
“A whale has been long BTC, ETH, SOL, LTC, XRP, LINK and other 16 tokens in the past month, with a total profit of more than $9 million. Additionally, this whale bought 309 BTC ($24.68 million) at an average price of $79,792, currently sitting on unrealized profits of more than $5 million.”
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