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Pre-mined Ethereum Reawakens, ETH Stays Steady Over $1,900

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Wed, 19/07/2023 - 20:49
Pre-mined Ethereum Reawakens, ETH Stays Steady Over $1,900
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Ethereum, one of the leading cryptocurrencies in the market, recently experienced an unexpected tremor. A dormant pre-mined address containing 200 ETH, approximately $381,566 USD, sprang back into activity after 8 years of inactivity.

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The wallet was identified as part of the initial coin offering (ICO) at Ethereum's inception, marking a fascinating shift for those tracking the cryptocurrency.

This reactivation followed the emergence of an even larger Ethereum whale, who ended an eight-year dormancy by depositing a colossal 61,216 ETH, which equates to about $116 million, into the cryptocurrency exchange Kraken.

This considerable movement was identified as originating from an early participant in Ethereum's ICO during the Genesis event.

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Despite these market shakes, the price of Ethereum has remained steady. Ethereum, also known as ETH, closed at $1,902.26, with a modest 0.4% growth, proving its resilience to this sudden movement of pre-mined Ethereum. The market capitalization for Ethereum is presently $228.6 billion.  

Ethereum's ICO took place back in 2014, a pioneering event in the cryptocurrency world, where tokens were sold for approximately $0.31 each.

Those fortunate enough to have participated in the ICO and held onto their Ethereum would now be seeing a considerable return on investment, with the current price exceeding $1,900. These recent whale movements illustrate the long-term value of Ethereum and underscore the potential impact of large token holders on the market.

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