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Long-Dormant Ethereum Genesis Wallet Awakens to Transfer ETH to Coinbase

source-logo  u.today 21 September 2023 07:56, UTC

A previously inactive Ethereum ICO participant transferred 32.1 ETH to Coinbase, after remaining dormant for eight years. This particular Ethereum address, which appears to be linked to shemnon.eth (@shemnon), was part of the Ethereum Genesis and had initially received 200 ETH.

The sudden activity has piqued interest and speculation within the cryptocurrency community, particularly given the significant value appreciation of Ethereum since its inception.

Recent stirrings of early ETH whales

Over the past few months, several Ethereum addresses associated with the platform's initial coin offering (ICO) have shown activity after years of inaction. For instance, in July, an Ethereum ICO participant ended an eight-year hiatus, depositing an enormous 61,216 ETH, valued at roughly $116 million, into the cryptocurrency exchange, Kraken.

Furthermore, in a separate incident aligning with Ethereum's eighth anniversary, another long-inactive wallet transferred 641 ETH and began staking, equating to a value of approximately $1.19 million.

Such transactions draw attention not just because of their substantial size, but due to the significant gains these early Ethereum supporters have seen.

With Ethereum's ICO price being a mere $0.31 per ETH and its current market price hovering around $1,623, early adopters have witnessed exponential growth in their investments.

Possible reasons behind the moves

The sudden movement of significant amounts of Ethereum from wallets that have been inactive for years raises questions about the motives behind these transfers. Some might speculate that the original holders, seeing Ethereum's impressive price rally over the years, might be taking profits or diversifying their portfolios. Others might believe these moves could be related to the increasing popularity of Ethereum staking, allowing holders to earn rewards by participating in the network's security.