An early Ethereum investor reactivated a wallet after a decade, turning $310 into $2.44 million at current ETH prices.
Ethereum's current market value stands at $107,490, though it remains 49% below its 2021 all-time high.
More ICO-era wallets are moving ETH after years of inactivity, reflecting renewed activity among early crypto participants.
An Ethereum wallet dormant since the ICO era has reactivated after ten years, according to data from Lookonchain. The address, belonging to an early investor, initiated movement on Sunday with a transfer of just 1 ETH. This activity has drawn attention due to the wallet’s original $310 investment now valued at $2.44 million, reflecting a 787,000% increase.
During Ethereum’s initial coin offering in 2015, the token price ranged between $0.30 and $0.40. At the time, early adopters received around 2,000 ETH per Bitcoin. As the sale progressed, the rate decreased to approximately 1,337 ETH per BTC, which raised the token price closer to $0.40.
https://twitter.com/lookonchain/status/1939354777940549866
The long-inactive address aligns with the period when ETH traded at approximately $0.31, placing its accumulated gains well into the multi-million-dollar range based on the current market value.
ETH Trading Below Peak Despite Price Jump
Ethereum is currently priced at $107,490, based on CoinGecko data. This marks a slight decline of 1% over the last 24 hours. Despite the token’s surge from ICO pricing, it remains over 49% below its all-time high recorded in late 2021.
Additionally, Ethereum has underperformed against Bitcoin throughout 2024. Market share for the leading cryptocurrency has steadily increased while many altcoins, including Ethereum, struggle to reclaim momentum.
Rise in Whale Activity Sparks Observation
This event follows another notable movement from an early Ethereum address, where a whale transferred $12 million worth of ETH to Kraken earlier this week. Such movements from dormant wallets have been rare but are now surfacing more frequently.
Meanwhile, Ethereum accumulation has reached a new cycle high, as reported by U.Today. Analysts are monitoring these older addresses due to their potential market impact if liquidated.
In March, Standard Chartered revised its 2025 ETH price forecast to $4,000, lowering expectations due to ongoing market dynamics. Given current pricing trends, even this target is beginning to appear optimistic.
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