Long Dormant Ethereum Whale Surfaces After 9-Year Slumber

Crypto News– Recently, crypto data tracker Whale Alert reported the sudden activity of a long-dormant Ethereum wallet that had remained inactive for nearly nine years. This wallet, which held 492 ETH, now valued at $1,139,052, has just been reactivated after 8.5 years of dormancy.

Long Dormant Ethereum Whale Surfaces After 9-Year Slumber

It’s speculated that the owner acquired these tokens during Ethereum’s Initial Coin Offering (ICO), a time when each ETH was priced at around 31 cents. Despite this early acquisition, the wallet remained inactive for over eight years, neither sending nor receiving any transactions. This resurgence has sparked curiosity and speculation regarding the identity of the wallet’s owner and the reasons behind its prolonged dormancy.

Dormant wallets containing substantial sums of cryptocurrency can resurface for various reasons. Sometimes, it’s due to hacking incidents, while in other cases, it may simply be because the owner forgot about its existence. Upon rediscovery, the owner might decide that the current market conditions present an opportune moment to liquidate their assets.

Ethereum’s Price Movement

According to data from CoinMarketCap, ETH has seen a 2.03% increase in the past 24 hours, reaching $2,314. Leading up to the approval of the spot Bitcoin ETF, Ethereum had surged to new highs above $2,700, but subsequently experienced a decline along with the broader market. However, there are indications of a potential turnaround in Ethereum’s price trajectory, driven by a surge in network activity.

Recent reports highlight a significant uptick in Ethereum’s network activity. Data from on-chain analytics firm Santiment reveals that Ethereum is witnessing the creation of 101,000 new ETH addresses daily, with a total of 484,000 unique addresses interacting with the blockchain. Compared to 90 days ago, network activity has surged by approximately 30%.