Last updated on May 18th, 2024 at 11:40 am
A long-time dormant Ethereum whale holding 100 ETH tokens has sprung back into action after being idle for over 8 years. The reawakening joins a series of activations of dormant addresses in recent months.
In a recent development, a genesis Ethereum whale which has been dormant since after the launch of the coin has returned to action according to reports. According to reports from WhaleAlert, a cryptocurrency transaction tracker, the wallet address which has been out of action for 8.5 years contains 100 ETH tokens (worth approximately $265,000 at press time).
Several dormant whales come back to life
Meanwhile, the aforementioned awakening is not a unique event. Several dormant addresses holding substantial amounts of Ethereum tokens have returned to action, moving staggering amounts of ETH to different wallets.
These continuous activities have sparked speculation across the crypto community concerning the potential effect it will have on the price of the coin.
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On February 4, a similar event occurred when another whale, dormant for 8.5 years and holding the same amount of ETH tokens came back to life. Also, other significant addresses holding 492 ETH (worth $1.3 million), 133 ETH (worth $352,450), and 200 ETH (worth $530,00) have returned during this period.
Notably, on December 23, 2023, a wallet containing a massive 11,640 ETH (valued at $30.8 million) was reawakened after being out of action for almost 9 years.
Ethereum’s co-founder whale activity
Recently, the co-founder of Ethereum, Jeffery Wilcke, made a move that sent shock waves across the crypto community. On February 11, the crypto giant made a staggering transfer of 4,300 ETH tokens to the San Francisco-based crypto exchange, Kraken. With today’s price, the total transaction is valued at $11,395,000.
This notable transaction by a prominent Ethereum community member has generated a lot of different responses and conjectures. The effect of these series of activities will be known over time as the community closely keeps an eye on the trend.
According to data from Coinstats, Ethereum is currently trading at $2,659, representing a 0.1% increase in the last 24 hours. In addition, ETH has a 24-hour trading volume of $24.9 billion and a live market cap of $319.6 billion.
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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.