Last updated on May 18th, 2024 at 12:56 pm
A Bitcoin whale that has been dormant for about 6 years has reemerged, transferring about 2100 BTC to a new address. As reported by blockchain security firm – PeckShieldAlert, the dormant address became active again in the early hours of September 19.
Per the announcement, the address received the aforementioned number of Bitcoin on October 19, 2017, before going dormant, and was worth about $11.8 million at the time of the transfer.
#PeckShieldAlert A dormant #BTC address 13RLtG…PXs, which received ~2,100 $BTC (worth about $11.8M at the time of transfer) on October 19, 2017, moved its $BTC (now worth ~$56.3M) to a new address 1LGnp5…GgM. pic.twitter.com/rchpCTI1va
— PeckShieldAlert (@PeckShieldAlert) September 19, 2023
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However, 6 years later, the same wallet springs up to transfer the BTC contained in the address which is now worth over 400% more than what it was at the genesis. With today’s price of BTC, the wallet is now worth $56.3 million. The significant transfer comes right when Bitcoin and the global crypto market are gradually recovering from its previous weeks’ loss.
Meanwhile, recently similar events have occurred including the reawakening of a genesis-era Bitcoin address that was dormant for about 13 years. The wallet which held a staggering 1,005 BTC was reactivated in August as reported by WhaleAlert.
However, it is not very common for Bitcoin dormant addresses to reawaken as compared to other projects like Shiba Inu and XRP. In the case of Shiba Inu, we often see inactive wallet addresses come back to life almost on a monthly basis.
There are different reasons why a dormant crypto address may come back to action after years of inactivity. One of the obvious reasons would be to take advantage of the current state of the crypto market, cashing in on their already accrued gains.
It most likely seems to be the case here because, after six years of dormancy, the ROI for the accumulated BTC has now skyrocketed over 400%. Also, another reason why an inactive whale will reemerge is if they are preparing for a major sale or investment.
Bitcoin (BTC) price today
According to live data from Coinstats, Bitcoin is currently changing hands at $27,313. This represents a 1.61% rise in the last 24 hours. Furthermore, Bitcoin has a 24-hour trading volume of $30,903,867,238.433 ($30.9 billion). Ultimately, Bitcoin maintains its spot as the largest cryptocurrency in the world with a live market cap of $532,339,223,817.879 ($532.3 billion). The global crypto market is currently seeing a 1.32% increase over the last 24 hours, no thanks to the reawakening of dormant addresses.
Read More:
- Can Bitcoin Addresses Expire?
- Vitalik Buterin Moves 3000 ETH to Another Address: Details
- XRP Trading Volume Surge by Over 100%
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.