Ethereum ICO Participant Returns After 9.4 Years of Dormancy, Moves $2.14M Worth of ETH to Coinbase

An early Ethereum investor that participated in the network's initial coin offering (ICO) back in July 2015 has resurfaced after remaining dormant for 9.4 years

An early Ethereum (CRYPTO: ETH) investor that participated in the network’s initial coin offering (ICO) back in July 2015 has resurfaced after remaining largely dormant for 9.4 years, moving around $2.14 million worth of the cryptocurrency to Nasdaq-listed cryptocurrency exchange Coinbase.

According to data shared by on-chain monitoring firm Spot On Chain on Monday, the whale deposited 631.1 ETH to the exchange as the market started rebounding, in a move that will likely mean the whale is set to realize significant gains.

Back in 2015, the whale spent $601 in the Ethereum ICO to receive 1,940 tokens. Since then, the price of the cryptocurrency has exploded upward, to the point it has become the second-largest digital asset by market capitalization, with each ETH token now changing hands for around $3,400.

Later on Monday, the average seven-day moving price for ETH was at $3,396, while the cryptocurrency’s 30-day average price was $3,323. At the time of the participant’s deposit, the average ETH price over the past seven days was around $3,380, while the 30-day average price was around $3,310.

The Ethereum ICO participant, according to blockchain data, is still holding onto 1,309 ETH, which is currently valued at around $4.4 million.

Ethereum, as reported, has been seeing its supply drop over the past two years by around 0.02% following the network’s merge with the Beacon Chain, which shifted it to a Proof-of-Stake consensus algorithm, among other upgrades.

According to data from Ultrasound Money, a platform that tracks Ethereum’s supply change, a total of 53,514.62 ETH has been burned since the network’s merge, which means that around $175.9 million worth of the second-largest digital asset by market capitalization has been burned since the upgrade over two years ago.

The current supply of ether is around 120.4 million ETH and the network’s supply has been decreasing by 0.02% per year since the upgrade. Over the last 30 days, lower usage has meant the supply growth is around 0.31% for a year, with 947,000 ETH being issued per year and annualized burns equating to 575,000 ETH, according to the platform’s data.

Featured image via Pixabay.