A long-inactive Ethereum address containing a sizable balance has suddenly sprung to life after over eight years of inactivity, transferring funds, and igniting curiosity.
According to the blockchain tracking platform Whale Alert, the address in question held 191 Ethereum, valued at approximately $319,908 at the time of the transfer. The address was linked to an Ethereum “pre-mine” from years ago.
Dormant whale resurrects amidst market turmoil
Pre-mining refers to the practice of mining and distributing cryptocurrency coins before their official launch on exchanges. The newly awakened Ethereum address had been dormant since 2014, making this rare event the first of its kind in nearly three weeks.
The awakening happened at a time when ETH was not trading at its best. CoinMarketCap data shows that the current price of Ethereum (ETH) is approximately $1,676.44.
ETH plunged from a monthly high of $1,905 to a low of $1,551, before climbing back to its current price. The exact motive of the whale also seems to be unclear at the moment.