One of Ethereum's oldest wallets has just been revived, and the numbers are truly mind-blowing.
According to blockchain tracking service Whale Alert, a dormant pre-mine address holding 2,000 ETH worth just $620 back in 2015 has been activated after nearly 10 years of silence. At today's price, that stash is valued at over $5 million — a staggering 816,760% gain.
The wallet address "0xcF264" has been confirmed as a Genesis Block participant, and it's linked to one of Ethereum's original funding addresses. After years of inactivity, it suddenly moved 500 ETH worth $1.27 million to another wallet, "0x2C12," just 11 hours ago, which obviously led to speculation about the intent behind the transaction.
Even after offloading 500 ETH, the whale still holds 1,500 ETH, worth about $3.78 million at market price of $2,517 per ETH.
This reactivation is happening at a time when the market is a bit more volatile for Ethereum, with the asset recovering from recent lows but still trading far below its all-time highs of around $4,800.
The chart speaks for itself — Ethereum has seen multiple boom-bust cycles over the past nine years, and this whale has essentially ridden them all out. The timing of the movement is interesting, especially with ETH price trying to break out from a bigger consolidation range.
Events like this are often seen as big deals, not just because of their market impact, but also the psychological impact they have.
When wallets that haven't been active for a long time start moving, especially ones from the early days of Ethereum, it makes you wonder: Is the whale selling, moving for security, or planning something more strategic?
Vladislav Sopov
U.Today Editorial Team