As the price of Ethereum began to rise significantly, dormant ETH addresses began to wake up. According to a recent report, a wallet holding 1,000 Ethereum that had been inactive for nearly a decade is now seeing activity again.
Notably, this Ethereum holder is looking to take profits if the price of Ethereum (ETH) rises.
Dormant address worth $3.5 million in ETH activated after 8 years
on March 29 tweeton-chain tracker Whale Alert discovered activity on a dormant pre-mined Ethereum address.
💤 A dormant pre-mining address, containing 1,000 #ETH (3,566,925 USD) Just activated after 8.7 years!https://t.co/s1VlbFY9td
— Whale Alert (@whale_alert) March 29, 2024
The report stated that the wallet address held 1,000 ETH, which is worth $3,566,935 at the current Ethereum price. The address had been idle for 8.7 years and suddenly became active.
Notably, a premine address created before Ethereum’s official launch in 2015 received its initial 1,000 ETH in July 2015. This address has not become active until now when the price of ETH starts to rise.
As the price of Ethereum surged above $3,600, the address began transferring its ETH. First, it starts trading at 01:09 (UTC) for 2 ETH. Two hours later, another 8 ETH were moved. Finally, at 04:46 (UTC), 100 ETH worth $356,111 was transferred to another wallet.
The wallet now holds 889.99 ETH, worth $3.17 million. However, the identity of the user remains unknown. Additionally, the recipient wallet has not yet transferred the received funds.
As Ethereum price rises, more dormant ETH addresses are awakened
The recent awakening of Ethereum addresses did not happen all at once. Whale Alert recently discovered a similar incident where dormant old ETH addresses began to change.
Just last month, another pre-mined Ethereum address held 238 ETH came alive After more than 8 years of slumber.
But that’s not all. In January, a similar incident occurred.Ethereum Address containing 200 ETH A large amount of pre-mined funds suddenly became active after being dormant for nearly eight and a half years.
It looks like this trend isn’t slowing down. After years of slumber, network participants have been activating dormant pre-mined Ethereum addresses, some of which hold 200 or 500 ETH.
Additionally, Whale Alert Found another Big wallets wake up from hibernation. On January 21, 2024, this wallet containing 133 Satoshi Nakamoto-era Ethereum (ETH) became active again after being dormant for many years.
It is important to activate these pre-mined Ethereum addresses because Ethereum was not popular or very valuable in its early days. Therefore, the sudden reappearance of these wallets may mean that these holders want to start taking profits, which may cause the price to drop.
Surprisingly, these activations did not have a negative impact on the price of ETH. ETH currently trades at $3,550, up nearly 1% from the past day.
Additionally, ETH has continued to grow over the past seven days, rising more than 3%, with a 30-day price increase of 2%. according to coin market capIts trading volume exceeds $13 billion, still ranking second in the cryptocurrency market.
