As the price of Ethereum begins to show significant increases, dormant ETH addresses are starting to wake up. According to a recent report, a wallet holding 1,000 Ether is back in action after being inactive for nearly a decade.
Notably, this Ether holder is looking to profit from the rise in Ethereum (ETH) price.
Dormant address containing $3.5 million worth of ETH becomes active after more than 8 years
On March 29th Tweeton-chain tracker Whale Alert has discovered movement of a dormant pre-mine Ethereum address.
💤 1,000 dormant pre-mining addresses including #ETH ($3,566,925) has been activated for the first time in 8.7 years! https://t.co/s1VlbFY9td
— Whale Alert (@whale_alert) March 29, 2024
According to the report, this wallet address held 1,000 ETH worth $3,566,935 at current Ether prices and suddenly became active after being inactive for 8.7 years.
Notably, the pre-mine address, which was created before Ethereum's official launch in 2015, received its first 1,000 ETH in July 2015. And it remained inactive until now when ETH price started rising.
The address started moving ETH as the price of Ethereum soared to over $3,600. It started with a 2 ETH transaction at 01:09 (UTC). After 2 hours, I moved another 8 ETH. Finally, at 04:46 (UTC), a large amount of 100 ETH worth $356,111 was transferred to another wallet.
The wallet currently holds 889.99 ETH (valued at $3.17 million). However, the user's identity remains unknown. Also, the recipient's wallet has not yet transferred the received funds.
Rising Ether price awakens more dormant ETH addresses
The recent awakening of Ethereum addresses is not a one-time event. Whale Alert recently discovered a similar event where his old, dormant ETH address became active.
Just last month, another pre-mine Ethereum address was born holding 238 ETH came back to life After over 8 years of dozing off.
But that's not all. A similar incident occurred in January.Ethereum Address containing 200 ETH Funds equivalent to pre-mining suddenly became active after being dormant for nearly eight and a half years.
This trend doesn't seem to be slowing down. Network participants are activating dormant premine Ethereum addresses holding 200 or 500 ETH after years of dormancy.
Additionally, Whale Alert found something else A big holder wallet that wakes up from dormancy. On January 21, 2024, this wallet containing 133 Ethereum (ETH) from the Satoshi era became active again after a long hiatus.
It is important to activate these pre-mined Ethereum addresses because Ethereum was not popular or had much value in its early days. Therefore, the sudden resurgence of these wallets could mean that these holders want to start taking profits, which could cause the price to fall.
Surprisingly, these activations have not had a negative impact on the price of ETH. ETH is currently valued at $3,550, up nearly 1% over the past day.
Also, over the past 7 days, ETH maintained an increase of over 3%, with a 30-day price increase of 2%. according to coin market capthe trading volume exceeds $13 billion and still maintains the second place in the crypto market ranking.
