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Dormant Ethereum (ETH) Address Wakes up From Eight Years of Inactivity

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Thu, 20/07/2023 - 13:05
Dormant Ethereum (ETH) Address Wakes up From Eight Years of Inactivity
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A dormant premine address containing 200 ETH has just been revived after eight years, according to cryptocurrency data tracker WhaleAlert.

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These holdings are currently worth approximately $116 million at current prices, per WhaleAlert's estimation.

Ethereum's estimated cost at the time of purchase would have been roughly 30 cents, making its estimated value at the time $6,000.

The reactivation is the most recent in a string of vintage wallets to awaken from long periods of hibernation.

Although the owner of the wallet's identity is still unknown, it serves as a reminder of the value of hodling, which emphasizes the long-term accumulation of cryptocurrency tokens.

According to yesterday's news, a participant in the Ethereum ICO awoke after eight years of inactivity and transferred all of the ETH stored in the wallet to Kraken.

The expected price at the ETH ICO pricing was $0.31, and the wallet received 61,216 ETH at Ethereum Genesis, which is today worth $116 million.

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Various factors can cause crypto wallets that have been dormant to reawaken. Sometimes, it is just the owner forgetting about it and then deciding that now could be a good time to sell after finding it again.

The Ethereum ICO raised $18 million in two stages between July and September of 2014. One Bitcoin was set to buy 2,000 Ether at the beginning of the sale. According to September 2014 Bitcoin values, this meant that one ETH was worth 0.0007479 Bitcoin, or roughly 30 cents.

This type of cryptocurrency issuance is known as a "premine," as the coins are created before the network begins to produce tokens on its own. Later, in July 2015, the Ethereum blockchain was launched.

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