In a startling development that has sent shockwaves through the cryptocurrency community, a dormant Ethereum (ETH) address, inactive for an astonishing 8.5 years, has suddenly become active. The address, which holds a substantial 492 ETH, equivalent to a staggering $1,139,052, was highlighted by the renowned crypto tracking service, “Whale Alert,” in a tweet last Friday.
The Ethereum network, launched on July 30, 2015, has seen the coins in this address securely stored since its inception. However, on February 2, 2024, a test transaction of 0.5 ETH was initiated from the address, as evidenced on Etherscan. This was followed by a transfer of 98 ETH, with the funds redirected back to the original wallet.
This unexpected reactivation of such a significant amount of Ethereum has sparked a flurry of questions within the crypto community, with enthusiasts left speculating about the motives behind this sudden move. Theories abound regarding the owner’s intentions. Some suggest that the revival of the address may be due to the recovery of lost or forgotten seed phrases. Others posit that the long-term holder, colloquially known as a “hodler,” may have decided to liquidate their assets, lured by the prospect of substantial profits.
Further speculation suggests that the awakening could be driven by forthcoming upgrades to the Ethereum network and the potential approval of a spot ETH ETF, both of which are viewed as potential catalysts for the cryptocurrency.
However, Friday’s event is not an isolated incident. The platform reported similar cases on January 22 and 14, where dormant pre-mine addresses containing 133 ETH and 200 ETH respectively were activated after 8.5 years of inactivity. The most significant resurgence occurred on December 23, when a dormant pre-mine address holding a staggering 11,640 ETH, equivalent to an eye-watering $26.5 million, was reported by Whale Alert.
Despite these developments, Ethereum has shown resilience in its trading performance, maintaining a steady strength following a challenging January. Notably, ETH recently rebounded from a critical support level of around $2,200. A potential surge could propel it to January highs of $2,700, with further sights set on a formidable $3,400. Conversely, a downward shift could see the cryptocurrency slide below $2,200, potentially dropping to around $1,790. These events underscore the dynamic and unpredictable nature of the cryptocurrency market.
