The owner of a dormant ethereum wallet that received 2,365 ETH during the token’s initial coin offering (ICO) has just transferred 1 ETH to a new address, on-chain data shows.
According to on-chain data released by the blockchain analytics platform, Lookonchain, an ethereum wallet that has been dormant since the initial coin offering (ICO) event of the world’s largest smart contracts network over seven years ago, has come alive again.
Per Lookonchain’s tweet, the wallet owner, which received 2,365 ETH during the ICO, has just sent 1ETH to a new wallet address.
The tokens were valued at roughly $0.31 each when the wallet owner participated in the ICO. However, the price of ether has skyrocketed since then, giving the 2,365 ETH a value of over $4 million at current prices.
Ethereum finally transitioned to the proof-of-stake (PoS) consensus mechanism via the much-anticipated Shanghai hard fork on April 12, ushering in renewed investor confidence and bullish momentum.
The price of ether (ETH) is up by a decent 5.7% in the 30-day timeframe. The ETH price hit a high of $2,126 on April 17. However, the asset has dumped slightly since that time, exchanging hands for $1,847 at the time of writing.
Despite its recent gains, ETH is still down by more than 61% since its all-time high of $4,878.26 reached in Nov. 2021, according to CoinGecko.