After 9 Years of Dormancy, Massive ETH Held by Genesis Address on Ethereum Network Becomes Active
A previously dormant Ethereum wallet address has recently come back to life after a hiatus of nearly 9 years. The wallet, which contains a significant amount of ETH tokens, has been inactive since 2015, the same year Ethereum was launched. This surprising development has sparked discussions within the crypto community, as people ponder the reasons behind its sudden reactivation.
Earlier today, WhaleAlert, a prominent cryptocurrency transaction tracker, announced that a dormant “pre-mine” Ethereum address has been reactivated after 8.8 years. This particular wallet currently holds exactly 1,969 ETH tokens, which are valued at a staggering $5.87 million at the time of reporting.
In response to this news, members of the crypto community have expressed their astonishment at the prolonged dormancy of this whale. While some view it as a strategic reawakening, others are impressed that the whale was able to remember its password after such a long period of inactivity.
Interestingly, this is not the only old wallet that has been reactivated recently. Another wallet connected to the Ethereum Foundation, which had been inactive for nine years, also came back to life. Previous reports indicate that this wallet received ETH from the official foundation address in 2015 and subsequently moved 2000 ETH tokens (worth $6.507 million) to an address labeled “0x9d2D.”
It is worth noting that previous instances of the Ethereum Foundation releasing large amounts of Ethereum tokens have had negative effects on the market. This week alone, investors have witnessed multiple sales made by the foundation. For instance, earlier today, 100 ETH tokens were sold for 291,267 DAI stablecoin via the Cow Protocol by another wallet associated with the foundation. The reactivation of the Ethereum address coincides with a surge in overall Ethereum whale activities this week. Crypto trader and analyst Ali Martinez pointed out that Ethereum whale activities have experienced significant growth over the past year, with over 139,000 new ETH wallet addresses created on April 29 alone.
Meanwhile, Ethereum has joined the broader crypto market in experiencing a price reversal, with noticeable gains recorded today. According to CoinMarketCap data, Ethereum (ETH) is currently trading at $2,990, representing a 1.2% increase in the last 24 hours.
Despite its upward price movement, Ethereum’s trading volume has taken a different direction, dropping by 28.01% within the same time frame. As a result, the live market cap of Ethereum now stands at $358.7 billion. Looking back, the price of ETH has decreased by 5.49% over the past 7 days and by 8.57% in the last month. Additionally, top crypto analysts have predicted that the price of Ethereum may further decline to the $2,500 zone.
Tags: Ethereum, wallet address
