Ethereum’s Dormant Wallet Awakens: Unearthing 2,000 ETH

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In a crypto resurrection that has left the blockchain community buzzing, a pre-mine Ethereum wallet, dormant for a staggering 8.2 years, has sprung to life. Whale Alert, the famed blockchain sleuth, first flagged this event, unveiling a cache of 2,000 Ethereum coins, currently valued at an eye-watering $3,198,920.

Whale Alert’s X post traces the dormancy of this wallet back to the vibrant days of Ethereum’s 2015 initial coin offering. Further revelations from the Lookonchain Smart Money tracker on the X app unveil that the revitalized wallet promptly disseminated its complete ETH holdings, sending them to four separate blockchain addresses.

The genesis of this cryptocurrency trove can be traced back to Ethereum’s early days when 2,000 ETH held a modest value of $620. ETH is experiencing a surge, with an impressive 4.71% increase, rising from $1,547 to $1,620 between October 19 and 20. However, this bullish momentum faced a minor setback, resulting in a 1.46% dip shortly afterward. Earlier in the same week, ETH and Bitcoin witnessed a sharp decline of 3.96%, triggered by a false report suggesting the SEC’s approval of BlackRock’s Bitcoin ETF filing.

Source: Tradingview.com

ETH is currently trading at $1,606.11, indicating a 0.71% downturn in the last 24 hours, offset by a robust 3.76% surge over the preceding week.

In another noteworthy development, massive-tier whales, each possessing a million ETH or beyond, have joined forces to accumulate 32.3% of the circulating supply—an achievement not seen since 2016. This week, Santiment, the juggernaut in on-chain data, highlighted the movement of Ethereum transfers surpassing the $1 million threshold.

The Ethereum landscape is undeniably dynamic, with dormant wallets returning to life and whales making waves in the market. As the crypto realm hurtles forward, all eyes remain fixed on ETH’s trajectory, poised at the precipice of potentially transformative developments.

 

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