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According to the crypto data tracker Whale Alert, an ancient Ethereum wallet that had been inactive for nearly nine years has awakened, stirring intrigue and speculation in the crypto community.
Whale Alert reports: "A dormant pre-mine address containing 197 ETH worth $622,685 has just been activated after 8.7 years."
💤 A dormant pre-mine address containing 197 #ETH (622,685 USD) has just been activated after 8.7 years!https://t.co/qNtUtWgGqK
— Whale Alert (@whale_alert) April 21, 2024
This Ethereum holder's story begins in the early days of Ethereum, during the pre-mine phase before the network's official launch in 2015. At this point, ETH was trading around $0.31, thus valuing the ETH stash at a paltry $61. Fast forward to now, and the value of the ETH stash has skyrocketed to approximately $622,685.
After being dormant for 8.7 years, the ETH address sprang to life, triggering speculation about the owner's identity and intentions.
The owner might have rediscovered lost keys; the timing of reactivation might also indicate a strategic decision to "hodl" until now. The anonymity of the ETH address adds to the mystery, with no clear indication of who the early ETH adopter might be or what prompted the sudden reactivation of the wallet.
This prompts a flurry of questions. Why had it remained dormant for so long? What prompted its sudden awakening? Was it a signal of impending market movements, or merely an individual or entity taking action for personal reasons?
These questions remain unanswered, which implies that the mystery surrounding the dormant ETH address may not be fully unraveled at present. However, its sudden awakening might be a reminder that the unexpected is always just a transaction away.
At the time of writing, ETH was up 3.66% in the last 24 hours to $3,175. As Ethereum regained the $3,000 price mark, on-chain sources report that a giant whale withdrew 10,119 ETH worth $31.83 million from Binance. Withdrawals signal an intent to buy, while deposits portray otherwise.
This Ethereum whale has bought 127,388 ETH worth $405.19 million from DEX and Binance since April 8, with an average buying price of nearly $3,172.