An ancient Ethereum (ETH) wallet address that participated in the 2015 Initial Coin Offering (ICO) of the protocol has suddenly come back to life after close to eight years of dormancy. Data from Etherscan as shared by Lookonchain shows that this wallet address reawakened with a massive amount of Ether tokens.
An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address.— Lookonchain (@lookonchain) April 24, 2023
He received 2,365 $ETH($4.42M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/hOfBSyml19 pic.twitter.com/yoMoB6vE9n
To revive the wallet, the ICO participant sent just one Ethereum token to a new address in what appears to be a functionality test. The ICO era wallet received a total of 2,365 during the public sale, which was priced at approximately $0.31 at the time.
This address has HODLed the tokens through the storm and, at present, the tokens are worth roughly $4.42 million. While it remains unclear what the reasons for the reawakening are, it can be inferred that the address is likely interested in staking the tokens now that Ethereum as a network now allows for such investment, as most institutional investors are currently doing.
The reasons could also be to liquidate the asset, but from antecedents, this owner has witnessed Ether hit its all-time high price above $4,000 and may not be so quick to offload the coin at this time.
Ethereum price growth as motivation
Reawakening the wallet may have different causes, but the trust in the potential of Ethereum to hit new milestones now that the Shapella upgrade is live remains good motivation.
Ethereum is currently changing hands at $1,846.50 as it is entering the week with a largely bearish stride. While the more than 11% slump over the trailing seven-day period can be tagged as a bad omen for the digital currency, it can spell an overselling move that can further attract more investors to accumulate the cryptocurrency.
The digital currency ecosystem is still very volatile, and Ethereum has what it takes to benefit from this industry feature.