In a remarkable development within the cryptocurrency sphere, an inactive Ethereum whale, dormant for eight and a half years, has reemerged into the scene by transferring a significant 100 ETH, translating to a substantial $230,159. Etherscan data reveals that this address, dormant since its genesis block in July 2015, has stirred curiosity as it displays activity for the first time.
The awakening saw the whale execute transfers, sending 20 ETH to one undisclosed address and 77 ETH to another, both shrouded in mystery. This resurgence aligns with a recent trend, as another dormant Ethereum address, containing 492 ETH valued at $1.14 million, was activated after a prolonged dormancy since its genesis event, as reported by U.Today last Friday.
Influence on Ethereum price
The sudden activation of these major players in the crypto market prompts speculation about potential ramifications for Ethereum's price. Historical data indicates that similar instances, where substantial volumes were moved by large holders of cryptocurrencies, often triggered market volatility.
Despite a double-digit drop in Ethereum's value following the last awakening of such whales in late May, the cryptocurrency managed to bounce back. Analysts now caution against underestimating the potential risks associated with these dormant whales.
If more such entities resurface, market participants are advised to heed historical patterns and exercise prudence to avoid overestimating potential risks.
The crypto community remains on high alert, closely monitoring the actions of these dormant giants, as their reentry into the market could hold implications for the altcoin's stability.