© Reuters. Ethereum ICO Whale Move 500 ETH After 7 Years of Hibernation
- The seven-year-old whale’s wallet is active again.
- The wallet has transferred 500 ETH to CTO from the Indonesian exchange.
- Ethereum whales have gained a lot of ETH over the past week.
A pre-mined Ethereum address with 500 ETH, worth about $631,500 at the time of writing, has been activated, according to data provided by Whale Alerts. The wallet has been inactive for over seven years.
Inactive pre-mining address containing 500 #ETH (631,500 USD) has been activated after 7.3 years!https://t.co/1YOxGrB1VO
– Whale Alert (@whale_alert) November 15, 2022
It is not known why the address was activated after all these years. The crypto community was quick to make jokes about the development, with some co-founder Vitalik Buterin claiming to have found an old wallet in his bed. On a more serious note, the funds allegedly went to William Sutanto, the chief technician of Indonesia’s indodax exchange.
The last time has seen the reactivation of some pre-mining wallets. Just last month, another pre-mining period wallet was reported by Whale alert to have transferred 200 ETH, worth $282,115 at the time of the transfer.
Simultaneously, the chain analysis platform Santiment revealed an ETH wallet that had been inactive for six years, after transferring 15,000 ETH (then worth about $22.2 million) to an empty wallet.
Over $18 million in pre-launch token sales funded Ethereum development at launch. In 2015, ETH tokens started trading on crypto exchange Kraken for only $2.77. This digital currency reached an all-time high of $4,878 in 2021.
As the market has fallen to the bottom seen more than a year ago, Ethereum whale activity has seen an uptick. Last week, an Ethereum whale was seen transferring 22,300 ETH from crypto exchange Bitstamp. Exchange outflows are usually considered bullish, as whales tend to move funds out of the exchange when they plan to hold the asset for a full time.
Santiment reports that approximately 657,390 ETH have been purchased by Ethereum “whales” over the past week. At press time, the second largest cryptocurrency was trading at $1270, up 0.7% in the last 24 hours. As the price has entered oversold territory, analysts believe the positive pressure will continue.
The post Ethereum ICO Whale Moves 500 ETH After 7 Years of Hibernation appeared first on Coin Edition.