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A dormant Ethereum address holding a substantial amount of ETH has reawakened after over eight years, looking to take advantage of the recent uptrend.
According to Whale Alert, a dormant Ethereum address containing 1,000 ETH worth $3,566,935 has just been activated after 8.7 years.
💤 A dormant pre-mine address containing 1,000 #ETH (3,566,925 USD) has just been activated after 8.7 years!https://t.co/s1VlbFY9td
— Whale Alert (@whale_alert) March 29, 2024
Details of the Activation
On-chain data shows that the address is a pre-mine address, which was created before Ethereum officially made its debut in 2015. Notably, the unlabeled address received 1,000 ETH through a Genesis transaction on July 30, 2015. However, the address has been dormant ever since.
With the price of Ethereum surging to the $3,600 region, the address recently came out of dormancy, initiating a series of transactions containing between 2 and 100 ETH.
The address first carried out an initial transaction worth 2 ETH today at exactly 01:09 (UTC). Additionally, the pre-mine wallet moved 8 ETH to a different address two hours later.
The last transaction came in at exactly 04:46 (UTC). This time, the address transferred 100 ETH worth $356,111 to another wallet. Cumulatively, the pre-mine address moved a total of 110 ETH to three different recipient wallets. In the hours leading up to press, these recipient wallets have still not moved the funds.
Following the transactions, the ancient address now holds 889.99 ETH, worth $3.17 million. The identity of the user behind the address is unknown at the time of writing.
Other Pre-Mine Ethereum Addresses Awaken
The recent activation of the Ethereum address is not an isolated event, as Whale Alert has reported a series of similar incidents. Last month, a pre-mine Ethereum address containing 238 ETH was activated after being dormant for 8 years and six months.
In January, the same event occurred, where an Ethereum address containing 200 ETH of pre-mined funds reawakened after nearly eight and a half years of dormancy.
As reported earlier, network participants have also activated dormant pre-mine Ethereum addresses containing 200 and 500 ETH after several years of being dormant.
The latest activation did not have a negative impact on the price of ETH. At press time, ETH was trading at $3,561, up 0.98% in the past day.