An Ethereum holder who received 2,365 ETH tokens during Ethereum Genesis has just executed the first transaction from the ICO wallet, according to the onchain analyst, Lookonch

Data from Etherscan reveals that the ICO participant received the tokens from Ethereum Genesis. The value of the user’s holdings at the time of Lookonchain’s report was about $4.42 million. The price of ETH during the ICO over seven years ago was approximately $0.31 per token.

By transferring a single token, the holder has raised the curiosity of several ETH users. Some who responded to Lookonchain’s tweet tried to figure out the motive behind transferring just 1 ETH out of the 2,365 ETH tokens in the wallet.

A segment of users assumed the holder could be testing the system to ensure that the wallet is still active and the funds usable. However, others suspected the holder could be test-running the transaction protocol ahead of a sell-off of the entire portfolio, having made so much profit over the years.

Ethereum conducted its ICO from July 22, 2014, to September 2, 2014. It is considered one of the most successful ICOs to date. During the ICO, Ethereum raised over 31,000 Bitcoins, equivalent to $18 million at the time of the event.

Since the ICO, the Ethereum network has grown in many ways and has undergone several modifications. ETH’s price has also fluctuated significantly with an overall upward trajectory. ETH reached an all-time high (ATH) on November 9, 2021, when the price climbed to $4,842, per TradingView data.

The price dropped following the 2022 bear market but has shown signs of recovery after embarking on an uptrend since the beginning of 2023. As of the time of writing, ETH trades at $1,840 after retracing from a local high of $2,140.

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