The Ethereum address myparagon.eth has made a significant profit by selling a large amount of Ethereum ($ETH). A recent report from Lookonchain reveals that the address sold its remaining 4,802 ETH, worth around $12.56 million, just a few hours ago. The sale generated an approximate profit of $2.8 million in 38 days of sale.
Ethereum Whale Earns $2.8M Selling 4,802 ETH at $2,598
The journey started on the 07th of September and the 09th of September when myparagon.eth bought 9,050 ETH for $20,750,000. At that time, Ethereum was trading at $2,293 for each ETH. It was this strategic acquisition that created the scenario for the later, profitable release.
On September 30, October 2, and October 15, the address dumped all Ethereum at an average price of $2,598 per ETH. The price hike from the buying point benefited the seller to an extent of pocketing about $2.8 million.
ETH Sale Highlights Growing Trend of Smart Cryptocurrency Trading
This action proves that smart trading in cryptocurrencies is on the rise especially for those investors who can analyze the market situation and make prompt buy and sell choices. The sale of these 4,802 ETH has raised eyebrows in the crypto square due to the time and market movement during the period in question.
Recent price movements have been witnessed in Ethereum price but this transaction, reported by Lookonchain, illustrates how investors can make profit from these oscillations. The sale is proved to be a successful trading strategy in a volatile market, as the company has bought it more than 20% in less than a month.
