- In an unexpected development, an inactive Ethereum wallet holding a substantial amount of cryptocurrency has become active again.
- The wallet recently transferred an astonishing 7,998 ETH, which is valued at approximately $15.18 million.
In an unexpected development, an inactive Ethereum wallet holding a substantial amount of cryptocurrency has become active again. The wallet recently transferred an astonishing 7,998 ETH, which is valued at approximately $15.18 million. As reported by EmberCN, a crypto intelligence portal, this wallet had remained dormant for a period of six years. Interestingly, the wallet received 50,000 ETH from a participant in an initial coin offering (ICO) back in 2017.
The address in question has demonstrated previous instances of activity. In March 2017, it received 50,000 ETH and subsequently transferred 36,000 tokens to the Kraken exchange, possibly selling them at an average price of $255. These actions suggest a pattern of strategic selling by the owner of the address. The original Ethereum bidder associated with this address obtained a substantial amount of 192,026 ETH during an ICO held in July 2015. The tokens were acquired at a price of $0.311 per unit. Over the following two years, a significant portion of the acquired tokens, specifically 177,403 ETH, found their way to centralized exchanges, potentially being sold at an average price of $70.
Dormant Ethereum Whale Resurfaces, Raises Concerns in Crypto Community
The emergence of this significant participant in the cryptocurrency market has raised inquiries regarding its potential influence on the ongoing Ethereum price surge. Similar occurrences in the past have been observed, wherein sizable holders of cryptocurrencies have initiated significant transactions, often resulting in market fluctuations and increased volatility.
After the previous resurgence of whales similar to the current situation, the price of Ethereum initially declined by 14%. However, it eventually managed to bounce back and regain its value. If additional whales emerge in the market, it would be prudent to learn from past events and approach the situation with caution, refraining from overestimating the potential risks involved.
A lifelong learner with a thirst for knowledge, I am constantly seeking to understand the intricacies of the crypto world. Through my writing, I aim to share my insights and perspectives on the latest developments in the industry. I believe that crypto has the potential to create a more inclusive and equitable financial system, and I am committed to using my writing to promote its positive impact on the world.