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In an interesting development, a dormant pre-mine Ethereum address containing 1,000 ETH has been activated after lying inactive for nearly nine years.
Crypto data tracker Whale Alert reports that "a dormant pre-mine address containing 1,000 ETH worth $3,566,925 has just been activated after 8.7 years."
The address dates back to the Ethereum network's pre-mine or ICO era, which occurred before its formal launch in 2015. It received 1,000 ETH in a Genesis transaction on July 30, 2015, and has been untouched until now. With Ethereum's price hovering around $3,556, the value of the ETH in the revived wallet is an astounding $3.56 million.
Upon activation, the whale address launched a series of transactions that sent 110 ETH to three separate destination wallets. The initial transaction was a small 2 ETH, followed by another transfer of 8 ETH hours later, and eventually a larger transfer of 100 ETH.
Tomiwabold OlajideDormant addresses that resurface after years of inactivity frequently pique the community's interest and stoke speculation. The unexpected activation of this address raises concerns regarding its owner's intentions and the motivations behind the transfer.
The wallet might be a long-lost one with the owner just finding its keys and reactivating it. Another reason might be that the owner chose to "hodl" and determined that now might be the right time to sell.
The identity of the user behind the address, who is an early ETH adopter, is unknown, adding another element of intrigue to the plot.
Several instances have surfaced recently of inactive pre-mine Ethereum addresses reactivating after years of dormancy. This draws attention to Ethereum's early adopters and the progression in value of the ETH cryptocurrency over the years.
At the time of writing, Ethereum, the second-largest cryptocurrency, was trading flat, mirroring Bitcoin's performance. Ethereum is currently down 0.48% in the last 24 hours to $3,556, extending its sideways trading since March 25 with prices ranging between $3,450 and $3,670.
Alex Dovbnya
Vladislav Sopov
Dan Burgin