Dormant Ethereum Wallet Awakens with $26M Value

Other dormant Ethereum wallets have also become active recently, coinciding with a 10% surge in Ethereum's price.

Dormant Ethereum Wallet Awakens with $26M Value
Dormant Ethereum Wallet Awakens with $26M Value

A prominent blockchain investigator, Whale Alert, which monitors significant cryptocurrency transfers and discloses their particulars to the community via Twitter/X, has documented the resurgence of an almost nine-year-old Ethereum (ETH) wallet.

The source mentioned above observed that a pre-mine Ethereum address containing 11,640 ETH valued at $26,489,720 has reawakened after an inactive period of 8.4 years.

This indicates that the speech was last utilized in late 2014, after the completion of the initial coin offering by the Ethereum team.

The whale has thus far transmitted 500 ETH to a newly established wallet.

In the interim, this transaction ignited a contentious debate among cryptocurrency community members.

They proposed various explanations for this whale’s recent awakening, most of which were sardonic remarks or the assumption that “paper hands” were to blame.

After years of inactivity, several dormant Ethereum wallets were reactivated within the last month, selling enormous quantities of ETH.

Early in December, Ethereum, the second most popular cryptocurrency, experienced a significant 10% surge, reclaiming the $2,377 price. As a result, numerous whales, who had reportedly acquired ETH during the Ethereum ICO, commenced offloading their holdings.

As of December 10, Ethereum experienced a resurgence, recouping the 10% it had previously gained before soaring again for a 7.38 percent increase. As of this writing, the current exchange rate for Ethereum is $2,285.

Despite all the market volatility, the coin has maintained its position above $2,200, despite a few dips well below that level. Nevertheless, it has held its position above $2,000 nonetheless.

Arthur Hayes, the founder and former CEO of BitMex, reportedly sold his Solana (SOL) holdings and purchased an unspecified quantity of Ethereum.

In addition, he predicted that the price of ETH would surge to $5,000, though he did not specify when this would occur. However, he did say that it was likely, at least approximatively.

In contrast, an anonymous whale, as reported by the Smart Money tracker @lookonchain in a tweet, has generated an approximate $1 million profit by trading ETH 433 times.

Hayes has only recently purchased ETH. After selling 1 ETH to obtain 293.8 million OMNI, he disposed of the transaction for a profit of 176 ETH. Presently, he possesses 155 million OMNI in his pocketbook, of which $1 million is earned daily.