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Pre-Mine Ethereum Whale Wakes Up After 8 Years of Silence

Sun, 08/20/2023 - 13:37
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Gamza Khanzadaev
Dormant Ethereum whale wakes up after 8 years with lots of pre-mined ETH
Pre-Mine Ethereum Whale Wakes Up After 8 Years of Silence
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In an unexpected development, Whale Alert, a renowned blockchain tracking platform, has unveiled that a long-dormant pre-mine Ethereum address, which lay asleep for a staggering 8.1 years, has been reactivated. The address, previously containing 191 Ethereum tokens with a valuation of approximately $317,724, has sprung to life, sending ripples of intrigue across the crypto space.

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Pre-mining is the practice of mining and distributing cryptocurrencies prior to their official launch. The resurgence of this sleeping whale address marks a rare event, one that last occurred nearly three weeks ago at the close of July. A case in point, an Ethereum ICO participant, who had maintained silence for eight years, orchestrated a substantial transfer of 641 ETH, currently valued at around $1.07 million.

Major bear alert

The crypto community remains divided over the significance of these reawakenings. The prevailing sentiment suggests that the resurgence may portend bearish market trends. This belief has garnered support from recent historical trends. For instance, following the previous instance of a similar whale reactivation in July, the ETH price plummeted by a staggering 20.42%.

ETH to USD by CoinMarketCap

The skeptics' position finds further validation in the months spanning from May to mid-July, during which weekly awakenings of such dormant wallets precipitated a 17.3% decline in the ETH price.

Ethereum (ETH) ETF Madness Can Cause Surge to New All-Time High

As the awakened whale navigates the current market landscape, the community should brace for potential fluctuations. All eyes are now fixated on the awakening whale and the cryptic tides it might usher in.

In this ever-evolving narrative of crypto trends, the reanimation of a pre-mine Ethereum whale after nearly a decade serves as a poignant reminder of the intricate interplay between early investors, market sentiment and the pulse of digital assets.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.