An ICO era whale, previously overlooked for a decade, has suddenly shown activity by conducting a small Ethereum transaction. This news has caught the attention of the cryptocurrency community as the gains reported are astonishing.
The Whale's Return and Its Profit
According to data provided by Lookonchain, a whale recently returned to activity, turning $310 into $2.44 million, representing a profit of 787,000%. The transaction was a comparatively small one involving 1 ETH, carried out last Sunday.
Current Ethereum Performance
As of the time of writing, Ethereum (ETH) is priced at $107,490, having dropped by 1% in the last 24 hours. This decline is significant, considering ETH is still over 49% below its record peak from late 2021. Additionally, Ethereum accumulation has reached an all-time high in the current cycle.
Market Outlook and Predictions
Some analysts express concern that other ICO-era whales are beginning to surface as well, evidenced by a recent report of another whale transferring $12 million in ETH to the Kraken exchange. Despite this, forward-looking predictions for Ethereum remain speculative. In March, Standard Chartered reduced its price target for ETH to $4,000 by 2025, which many experts deem too optimistic.
The return of whales from the ICO era and their activity in the market may indicate a shift in the cryptocurrency landscape. However, price uncertainty and potential volatility remain significant factors for all market participants.
