A dormant whale, holding a staggering 398,891 ETH (valued at $1.14 billion), has begun selling its holdings after an eight-year slumber.

Additionally, the selling spree has seen 13,400 ETH ($37.38 million) sold in just six hours, averaging a price of $2,790 per ETH. A network of 28 wallets, all linked to ShapeShift, began accumulating ETH in January 2016 at an average price of ~$3.5 per ETH.

Dormant Whale Sell-off $30.52 Million ETH

In August 2016, these wallets transferred their holdings to new addresses, indicating consolidated ownership under a single entity – a whale.

Moreover, this whale, after a period of eight years of complete inactivity, has made its presence felt in the market. The recent sale of 11,005 ETH ($30.56 million) over the past two hours at $2,777 per ETH has sent shockwaves through the cryptocurrency space.

The staggering profit from this sale stands at an astounding $30.52 million, representing an 802x return on the initial investment of $38,000 in 2016.

Furthermore, the whale bought a large fortune of ETH for $3.46 per coin, showcasing the massive unrealized profits early cryptocurrency adopters hold.

The sudden influx of ETH into the market raises concerns about its potential impact. However, the sheer magnitude of the whale’s holdings and the scale of its recent sale raises questions about potential market manipulation and future trading strategies.

Whale Rains 288ETH Gas Fee in a Single Ethereum Transaction

A whale sent a massive 288 ETH, worth $700,000, in a single transaction, raising serious concerns about the current state of Ethereum blockchain technology.

This transaction, while potentially representing a large-scale investment or significant business move, also exposes vulnerabilities in the existing system.

The sheer size of this transaction, executed in one instance, begs the question: what was its purpose? The user, likely an individual or entity, amassed a significant fortune in ETH, suggesting access to substantial capital or perhaps concentrated wealth accumulation.

Moreover, the transaction’s exorbitant fee underscores the growing problem of transaction costs on Layer-1 blockchains. The high price tag of such a transaction indicates that the current system struggles to efficiently manage high-volume, high-value transactions.