Altcoin projects can be quite profitable, especially when early investments are made. In this article, we will talk about an investor who invested in the leading altcoin Ethereum (ETH) about 9 years ago and returned 3,850 times. Here are the details…
Altcoin investor becomes millionaire
An Ethereum (ETH) investor recently converted the $7,000 ETH he bought in 2014 into another crypto asset worth $27 million. Blockchain analytics account Lookonchain first reported that an Ethereum initial coin offering (ICO) participant exchanged 22,340 ETH for 20,544.14 WSTETH on the last day of 2022. The ETH ICO took place in 2014. At that time, the Ethereum investor received a total of 150,000 ETH with the ETH ICO price of around $0.31. The value of that 22,340 ETH was only around $6,925 at the time, and the 20,544.14 WSTETH traded by the investor was worth $27 million.
An ETH ICO participant swapped 22,340 $ETH for 20,544.14 $wstETH($27M) on the last day of 2022.
This ETH ICO participant received 150,000 $ETH at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/gSfDJmrhap pic.twitter.com/UpQIq6LVBm
— Lookonchain (@lookonchain) January 3, 2023
WSTETH is the “wrapped” version of Lido Staked Ether (STETH). Lido offers decentralized liquid staking on Ethereum 2.0 with the ERC20 stETH token on a 1-to-1 basis for ETH, providing potential rewards in proportion to the amount staked overall compared to the total ETH staked. Likewise, Lido DAO provides indirect liquidity and additional rewards to ETH stakers by pegging Lido Staked ETH (stETH) to the value of their locked assets in the smart contract. According to DefiLlama, the staking service is currently the second largest decentralized finance (DeFi) protocol with a locked total of $6.15 billion.
What is the latest situation in Ethereum price?
Wrapped sETH allows for easier integration with DeFi protocols including Uniswap and MakerDao. Creates a DeFi compatible version of the stETH token. Ethereum is trading at $1,248 at the time of writing. The second-ranked crypto-asset by market cap, according to cryptokoin.com data, has dropped 0.3% in the last 24 hours and has risen more than 4% in the past seven days. ETH is down more than 74 percent from its all-time high of $4,878, which it reached in November 2021.
After the recent rise in Ethereum, the short-term price predictions are more bullish. However, macroeconomic developments continue to affect the field. Fed officials (in speeches and via Wednesday’s meeting minutes) took a hawkish stance, and US labor market data (so far) came in strong. This is why macro headwinds can be a problem for bulls, according to experts. But many expect macro headwinds to ease later this year. Many economists expect US inflation to continue its rapid decline towards the Fed’s 2.0% target.
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