A previously inactive Ethereum wallet has recently shown signs of life, according to Lookonchain, a blockchain analytics firm that monitors crypto wallet activities.
Coinciding with Ethereum's eighth anniversary, an initial coin offering (ICO) participant who has remained dormant for eight years transferred a substantial sum of 641 Ethereum (ETH), approximately $1.19 million at current prices, and began staking.
According to data from CoinGecko, Ethereum is ranked second among cryptocurrencies, with its price currently pegged at $1,865.34.
The market cap stands at a hefty $224.17 billion, showing its significant presence in the crypto economy. Ethereum, the second largest cryptocurrency by market capitalization after Bitcoin, began life with an ICO price of around $0.31, showcasing its astronomical growth over the past eight years.
This event marks yet another time in recent months that an Ethereum whale has stirred from slumber. In late May, another Ethereum holder, dormant since the ICO eight years ago, suddenly transferred all of their 8,000 Ether (approximately $14.7 million) into a new account.
These large-scale transactions by early Ethereum participants have ignited speculations and conversations within the crypto community.
Despite their significant holdings, it is highly unlikely that these whales could introduce significant volatility into the market if they decided to sell large amounts of ETH.
It remains to be seen whether these early Ethereum adopters' activities will have any substantial impact on the broader crypto market.
Tomiwabold Olajide
Godfrey Benjamin
Arman Shirinyan