Ethereum ICO Participant Sells Over $113,200,000 in ETH in Two Weeks: Lookonchain

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.

Source: Lookonchain/X

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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Generated Image: Midjourney