Whales Execute Massive Ethereum Sales Worth $113 Million

You can also read this news on COINTURK NEWS: Whales Execute Massive Ethereum Sales Worth $113 Million

One of the participants in Ethereum’s 2014 initial coin offering (ICO) sold approximately $113 million worth of ETH in the past two weeks.

Sales Activity

On-chain tracker Lookonchain reported that the whale transferred 5,000 ETH to a Kraken storage address on Monday, continuing a selling spree initiated last month.

Since September 22, the whale has sold a total of 45,000 ETH worth $113.2 million. The address still holds 94,500 ETH, valued at around $230.2 million.

Lookonchain indicated that the ICO participant acquired 150,000 ETH at a total cost of $46,500 in the genesis block, which means an average price of $0.31 per ETH. Recently, they sold 45,000 ETH at an average of $2,516, achieving a return of 811,513%.

As of the writing, ETH is trading at around $2,437.

Other Whale Activities

Lookonchain also highlighted another whale’s trading activities involving memecoins. This whale sold POPCAT for a profit and purchased GIGA. Currently, POPCAT is trading at $1.23, having lost about 7% in the last 24 hours, while Gigachad (GIGA) is trading at $0.0496, showing an increase of over 2% in the past day.

Such significant sales are believed to have considerable effects on the market.

Current Status

The movements of large whales in Ethereum and other cryptocurrencies can lead to market fluctuations. It may be beneficial for traders to closely monitor these developments.

The post Whales Execute Massive Ethereum Sales Worth $113 Million appeared first on COINTURK NEWS.