In a dramatic turn of events, a dormant Ethereum whale has stirred back to life, making headlines with a staggering transaction on September 15, 2024. The wallet, which had been silent for over eight years, moved a substantial 16,636 ETH in a strategic maneuver involving three different addresses. The final destination: a new wallet identified as “0x34…e0ba.”
This colossal move marks the first activity from this wallet since February 2016, when it originally acquired the Ethereum tokens. Remarkably, the whale began liquidating their Ethereum holdings on Sunday, exactly 2,953 days after receiving them. According to data from Arkham, the wallet converted most of its ETH into wrapped Ethereum (wETH), holding a significant 16,199 wETH at the time of the transaction. Additionally, it exchanged some of this wETH for Tether’s USDT, converting 437.8 wETH into approximately $1.025 million in USDT across five transactions. Notably, the whale also engaged in buying and selling Livepeer (LPT) tokens.
A Jaw-Dropping Return
What makes this whale’s reawakening particularly fascinating is the astronomical profit it has accumulated over the years. When the whale first acquired the 16,636 ETH in February 2016, Ethereum was valued at a modest $5.23 per token, making the initial investment worth around $8,706. Fast forward to September 2024, and Ethereum’s value has skyrocketed. After enduring multiple market cycles, including the bullish peaks of 2018 and 2021, the whale’s portfolio has surged to an impressive value of over $38 million. This represents a phenomenal return of 44,600%.
A Surge in Whale Activity
This dramatic whale move is not an isolated incident but part of a broader trend among Ethereum’s early adopters. Recent months have seen several large-scale transactions by previously dormant wallets. In August, a whale from the ICO era transferred 48,500 ETH, worth $154 million at the time, to OKX, realizing a profit of $153.98 million. Another notable transaction in July saw a whale move $3.7 million worth of ETH, originally from the Genesis block, to various addresses.
Also Read: Pepe Coin Drops 6.5% Amid Ethereum’s 5.6% Slide – Will Whale Moves Impact Recovery?
Market Impact and Current Trends
Despite these eye-catching movements, Ethereum’s price faced a downturn following a brief rally. As of late Sunday, Ethereum’s value dropped to $2,319, reflecting a 4% decline in the last 24 hours. However, according to IntoTheBlock data, 61% of Ethereum holders are still in profit, indicating robust underlying market strength despite recent fluctuations.
The resurgence of dormant whales suggests a growing trend that could signal major shifts in the market. As these high-profile transactions continue, they add to the anticipation of possible market implications and further investment opportunities within the Ethereum ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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