A participant in Ethereum’s 2014 initial coin offering (ICO) has reportedly unloaded more than $113 million worth of ETH in the past couple of weeks.
The crypto tracker Lookonchain notes the whale dumped 5,000 ETH worth $12.22 million to a Kraken deposit address on Monday, continuing a selling spree that started last month.
Since September 22nd, the whale has sold a total of 45,000 ETH worth $113.2 million. The address still holds 94,500 ETH worth $230.2 million.
Lookonchain notes the ICO participant received 150,000 ETH at the Genesis block for a total cost of $46,500, meaning the whale’s initial average price per ETH was $0.31. Having recently sold the 45,000 Ethereum at an average price of $2,516 per ETH, that means the whale printed 811,513% gains on the unloaded ETH.
Ethereum is trading at $2,437 at time of writing.
Lookonchain also highlights a different whale’s highly profitable memecoin trades.
“This smart whale sold POPCAT for profit and bought GIGA! He sold 2.66 million POPCAT ($3.61 million) at $1.36 in the past 20 hours, leaving 3.45 million POPCAT($4.48 million), with a profit of ~$3.96 million!
Then spent 1.45 million USDC to buy 30.22 million GIGA at $0.048.”
POPCAT is trading at $1.23 at time of writing and is down nearly 7% in the past 24 hours.
Gigachad (GIGA) is trading at $0.0496 and is up more than 2% in the past day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies…
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