coinspress.com
In a surprising development, an inactive Ethereum account has suddenly become active, transferring a significant amount of 7,998 ETH valued at approximately $15.18 million.
According to the crypto intelligence portal EmberCN, this account had remained dormant for a period of six years before receiving 50,000 ETH from an ICO participant in 2017.
This is not the first time there has been activity in this account. In March 2017, it received 50,000 ETH and another transfer of 36,000 tokens to the Kraken exchange. It is speculated that these tokens may have been sold at an average price of $255. These transactions suggest a history of strategic selling by the account holder.
The original owner of this Ethereum account obtained a substantial amount of 192,026 ETH during an ICO in July 2015, acquiring them at a price of $0.311 per unit. Over the next two years, a significant portion of these tokens, precisely 177,403 ETH, found their way to centralized exchanges, potentially sold at an average price of $70.
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The reawakening of this prominent participant in the crypto market raises questions about its potential impact on the price rally of Ethereum. Similar instances in the past, where large holders of cryptocurrencies have moved significant amounts, have often caused market volatility.
Although the price of Ethereum initially experienced a 14% decline following the previous awakening of such whales at the end of May, it managed to regain its value. Should more whales emerge, it would be prudent to learn from history and approach the situation cautiously, avoiding overestimating the potential risks involved.