There is a new development in the cryptocurrency world. An Ethereum whale that has been sleeping for 8 years has taken action. Let’s take a look at the details together.
Ethereum wallet is on the move again after 8 years
After a long period of dormancy of eight years, an Ethereum (ETH) wallet has come back to life. Accordingly, he made his first transaction. This is a wallet with 185 ETH assets worth $302,000. Accordingly, he transferred 25 ETH to the popular US cryptocurrency exchange Kraken. This reactivation led to speculation about whether the wallet owner was planning to sell his assets.
💤 A dormant pre-mine address containing 185 #ETH (302,096 USD) has just been activated after 8.1 years!https://t.co/2IdjJcxPbG
— Whale Alert (@whale_alert) September 7, 2023
The news came from Whale Alert, a cryptocurrency tracking service. He covers this subject in a post he recently published on his official social media account. He highlighted the resurgence of a wallet that has been dormant since participating in the Ethereum ICO eight years ago. The wallet, which held 185 ETH worth $302,000 before the transfer, re-entered the scene with a notable transaction worth 25 ETH. This represents approximately 13.5% of the wallet’s total assets. It is worth noting that these Ethereums date back to the pre-mining era.
Pre-mining and portfolio growth
Pre-mining involves the creation and distribution of a cryptocurrency before its initial public offering (ICO) and the start of mining operations. These assets are often used to reward project developers and early investors.
The wallet in question has seen a significant portfolio growth of approximately 524,000% since its participation in the ICO. As of now, Ethereum wallet has an average potential profit of $1,625 per ETH. On the other hand, the total potential profit averages around $300,000.
Realized profit and speculation:
Considering the wallet’s recent transfer of $196,000 to Kraken, questions arise about the owner’s intentions. If the assets are sold, a realized profit of $196,000 will be recorded. The Ethereum community and cryptocurrency enthusiasts are now watching closely to see if this wallet’s awakening heralds the sale of its assets. Meanwhile, the current Ethereum price is at $1,647, down a marginal 0.4% over the past 24 hours.
When we look at Cryptokoin.com, this development shows that assets that have been dormant for a long time can suddenly come back to life. On the other hand, it adds intrigue to the ever-evolving world of cryptocurrencies, where it can potentially influence market dynamics. Let’s see which other whales will wake up in the future as a result of this movement of the sleeping whale. We’ll wait and see.
