Ancient ETH Wallet Awakens After 8 Years, Moving Millions in Ethereum

Blockchain Sleuth Discovers Dormant ETH Wallet with 2,000 Coins

U.Today – A blockchain sleuth has recently uncovered an Ethereum (ETH) wallet that has been dormant for 8 years. This wallet, known as a pre-mine ETH wallet, contains a staggering 2,000 coins, which translates to a value of $3,198,920 at the current exchange rate.

Whale Alert Notifies the Community

Whale Alert, a prominent source for tracking large cryptocurrency transfers, tweeted about the awakening of this ETH wallet. It appears that this wallet ceased activity around 2015, during the initial coin offering boom. The X app’s “Smart Money” tracker, @lookonchain, shed further light on the situation by revealing that the wallet transferred all 2,000 ETH to four different blockchain addresses.

A Glimpse into Ethereum’s Early Days

According to the X post, the whale acquired these 2,000 ETH during Ethereum Genesis. At that time, the value of 2,000 ETH was a mere $620. This awakening serves as a reminder of the early days of Ethereum and how far the cryptocurrency has come since then.

Recent Price Action of Ethereum

Ethereum has experienced some noteworthy price fluctuations in recent days. Between October 19 and 20, the second-largest cryptocurrency witnessed a significant rise of 4.71%, climbing from $1,547 to $1,620. However, it later faced a slight decline of 1.46%. Additionally, Ethereum initially dropped by 3.96% earlier in the week due to false news about the SEC approving BlackRock’s Bitcoin ETF filing.

Whales on the Move

Interestingly, large-tier whale transfers have been observed in the Ethereum network. Whales, who possess at least 1 million ETH, now hold a total of 32.3% of the circulating supply. This is the first time such a distribution has occurred since 2016. On-chain data company Santiment recently spotted transfers exceeding $1 million worth of Ethereum.

Ancient ETH Wallet Awakens, Shaking Up the Crypto Community

The awakening of the dormant ETH wallet has caused quite a stir in the crypto community. People are fascinated by the history behind this wallet and the significant amount of Ethereum it holds. It serves as a testament to the ever-evolving nature of the cryptocurrency space and the potential for unexpected surprises.

This article was originally published on U.Today