Dormant Ethereum Whale Resurfaces, moves 7,998 ETH

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Dormant Ethereum Whale Resurfaces, moves 7,998 ETH

Last updated on May 18th, 2024 at 11:43 am

A dormant Ethereum whale returns after six years and moved a staggering 7,998 ETH tokens. In a recent development, reports show that an Ethereum whale which has been silent since 2017 comes back, transferring ETH worth about $15.06 million.

EmberCN, a blockchain data-sharing platform revealed this earlier today in a Twitter post. According to the report, the address has been inactive for 6 years and had initially received 50,000 ETH from an Ethereum ICO participating address back in 2017.

Furthermore, EmberCN revealed that this is not the first time the address has been linked to a huge transaction. Back in March 2017, 50,000 ETH was sent to the address. Subsequently, 36,000 ETTH was transferred from the address to the Kraken crypto exchange from May 30 to June 14.

Related Reading: See How This Ethereum (ETH) Investor Made $688K Profit in 2 Days

At the time, the possible selling price of the token was $255. These activities show that the address has been involved in strategic transactions before now. During an initial coin offering in July 2015, the whale associated with this address acquired a large amount of ETH tokens amounting to 192,026.

The coins were bought at the price of $0.311 per token. Subsequently, a large amount of the purchased token, exactly 177,403 ETH was transferred to a centralized exchange (CEX) within the period of two years. At the time, the possible average selling price was $70.

The activity of the whale has raised concerns among the crypto community about the potential effect on the price of Ethereum and the current ETH price rally. This would not be the first time that a significant transfer has triggered market volatility. There have been similar cases in the past where huge transfers by whales have affected the crypto price in the market.

Since the previous time these whales were awakened at the end of May, the price of Ethereum originally fell by 14%, but it was able to regain its worth. If additional whales surface, it could be a good idea to learn from the past and take precautions, not overestimate the risks.

Ethereum (ETH) price today

Live data from CoinMarketCap shows that the price of ETH today is $1,886. The price is down 1.23% in the last 24 hours. What’s more, Ethereum is ranked #2 in the crypto market with a live market cap of $226,471,834,088. Finally, ETH had a 24-hour trading volume of $6,732,804,362 USD.

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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, 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.