Ancient Ethereum Whale Holding $26.4 Million in ETH Stirs, Community Reacts

Popular blockchain sleuth that tracks large cryptocurrency transfers and shares their details on Twitter/X with the community, Whale Alert, has reported that an ancient Ethereum wallet has come back to life after staying inactive for nearly nine years.

Dormant whale stirs, holding thousands of ETH

The aforementioned source spotted a pre-mine Ethereum address with 11,640 ETH worth $26,489,720 has awakened after 8.4 years, which means that it was last used in late 2014 after the Ethereum team finished raising money via its initial coin offering.

So far, the whale has transferred 500 ETH to a freshly created wallet.

Meanwhile, this transaction sparked a heated discussion within the cryptocurrency community. They suggested various explanations for this whale awakening particularly now, mostly leaving sarcastic comments or assuming it could be "paper hands."

Over the past month, several Ethereum wallets got activated after years of dormancy, selling massive amounts of ETH. In early December, the second most popular cryptocurrency Ethereum staged a rise of a whopping 10%, retaking the $2,377 price level, so many whales apparently decided to start selling their ETH stashes bought during the Ethereum ICO.

By Dec. 10, however, Ethereum made a rebound, losing the 10% it had gained, and then soared again, adding 7.38% by now. At the time of this writing, Ethereum is changing hands at $2,285. Despite all the market turbulence, the coin has managed to hold above the $2,200 level; even though it dipped a few times well below it, it is still holding above $2,000.

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Arthur Hayes expects ETH to reach $5,000

It has been reported that BitMEX founder and its former CEO Arthur Hayes has sold his Solana (SOL) stash and bought an undisclosed amount of Ethereum. He also shared that he expects Ethereum to skyrocket to the $5,000 price mark without specifying when, at least approximately.

While Hayes just bought ETH, an anonymous whale, according to a tweet by smart money tracker @lookonchain, has made a 433x profit on trading ETH, earning approximately $1 million. They sold 1 ETH to acquire 293.8 million OMNI and then disposed of it, gaining 176 ETH. They now hold 155 million OMNI left in their wallet and a profit of $1 million made within a single day.