As the Ethereum price begins posting notable strides, dormant ETH addresses are beginning to awaken. According to a recent report, a wallet holding 1,000 Ether, which has remained inactive for nearly a decade, has started making moves again.
Notably, this Ether holder is looking to take profits amid rising Ethereum (ETH) prices.
Dormant Address with $3.5 Million Worth of ETH Activated After 8+ Years
In a March 29 tweet, on-chain tracker Whale Alert spotted movement in a dormant pre-mine Ethereum address.
💤 A dormant pre-mine address containing 1,000 #ETH (3,566,925 USD) has just been activated after 8.7 years!https://t.co/s1VlbFY9td
— Whale Alert (@whale_alert) March 29, 2024
According to the report, this wallet address holds 1,000 ETH valued at $3,566,935 at current Ether prices, which has been inactive for 8.7 years and is suddenly active.
Notably, the pre-mine Address created before Ethereum’s official launch in 2015 received its initial 1,000 ETH in July 2015. And has remained inactive until now, when ETH prices started rising.
With Ethereum’s price soaring to over $3,600, the Address started moving its ETH. First, it started with a 2 ETH transaction at 01:09 (UTC). Two hours later, it moved another 8 ETH. Finally, at 04:46 (UTC), a hefty 100 ETH worth $356,111 was transferred to another wallet.
Now, the wallet holds 889.99 ETH, valued at $3.17 million. However, the identity of the user remains unknown. Also, the recipient wallets have yet to move the received funds.
More Dormant ETH Addresses Awakens Amid Rising Ether Prices
The recent awakening of the Ethereum address isn’t a one-time occurrence. Whale Alert has recently spotted similar events where dormant old ETH addresses began to make moves.
Just last month, another pre-mine Ethereum address holding 238 ETH came alive after an over 8-year snooze.
But that’s not all. In January, a similar incident unfolded as well. An Ethereum address containing 200 ETH worth of pre-mined funds suddenly became active after lying dormant for nearly eight and a half years.
It seems this trend isn’t slowing down. Network participants have been activating dormant pre-mine Ethereum addresses, some holding 200 or 500 ETH, after years of sleep.
In addition, Whale Alert spotted another big holder wallet awakening from dormancy. On January 21, 2024, this wallet containing 133 Ethereum (ETH) from the Satoshi era became active again after years of dormancy.
Activating these pre-mined Ethereum addresses is important because Ethereum was not popular or very valuable in its early years. So, the sudden re-emergence of these wallets could mean that these holders want to start taking profits, which might cause the price to drop.
Surprisingly, these activations haven’t shaken ETH’s price negatively. ETH is currently valued at $3,550, marking a nearly 1% increase over the past day.
Also, in the past seven days, ETH has sustained its growth, up by more than 3%, with a 2% 30-day price increase. According to CoinMarketCap, it has a trading volume of over $13 billion and still holds second place in the crypto market ranking.
