In a rare event that has captured the attention of blockchain analysts and traders, a participant from Ethereum’s 2014 initial coin offering (ICO) has reactivated their wallet after nearly 10 years of dormancy. According to on-chain analytics provider Lookonchain, the wallet transferred 1 ETH to another address, marking its first activity since the ICO distribution.
The wallet originally received 1,000 ETH during the Ethereum crowdsale, purchasing the tokens at the ICO price of just $0.31 each — an investment of roughly $310 at the time. At current prices (ETH trading above $2,460), this allocation is now valued at approximately $2.44 million, a nearly 8,000x return.
ETH/USDT price chart on Binance — ETH holding above $2,460 (Source: TradingView)Market Impact: Redistribution and Volatility Concerns
The reactivation of long-dormant ICO wallets often triggers discussion across the crypto community about potential sell pressure and its implications for market volatility. AI-powered crypto assistant Alva noted that such rare “dumps from the past” serve as a unique stress test for market liquidity, and reflect a broader narrative of redistribution within the Ethereum ecosystem.
“Each event like this marks the gradual transfer of ETH reserves from early adopters and ‘veteran’ holders to so-called ‘smart money’ and more active market participants. Over time, this trend reduces concentration and builds a more robust and decentralized ecosystem,” the assistant stated.
Historically, similar awakenings have been observed: in March 2025, another Ethereum ICO participant became active after nearly a decade and moved 1 ETH, causing temporary speculation about larger sales but ultimately contributing to healthy circulation.
What Is an ICO and Why Does It Matter?
An initial coin offering (ICO) is a method for blockchain projects to raise capital by selling a portion of their tokens before public launch. Ethereum’s 2014 ICO is legendary, with early investors purchasing ETH at $0.31 — a price unthinkable today. As these tokens mature and shift hands, each movement is closely watched as a barometer for market maturity and network decentralization.
At the time of writing, Ethereum is trading above $2,460 with a 24-hour volume of $6.1 billion, signaling robust demand and deep liquidity despite intermittent volatility from dormant wallet activity.