Dormant Ethereum Wallet Awakens After Eight Years, Yielding Millions
A dormant Ethereum wallet that has lain dormant for approximately eight years has recently reawakened, according to data analysis from LookChain. The wallet, created on July 30, 2015, held 2,000 ETH at its inception, which was valued at approximately $0.31 per ETH at the time.
On March 24, 2024, the wallet was observed to be active, with 2,000 ETH (worth approximately $6.7 million as of the writing) being transferred out. The original recipient of these tokens had received them at the time of the Ethereum Genesis, when the ICO price was approximately $0.31 per ETH.
The owner of this reactivated wallet has made significant gains, with the value of their holdings increasing by approximately $6.7 million, representing a remarkable percentage gain of 1.1 million percent. This increase is largely attributed to the bullish price movements of Ethereum in recent years.
The recent activation of this and other dormant Ethereum wallets has drawn attention. Following the price of ETH surpassing $3,200 late last month, another dormant wallet dating back to the Ethereum ICO era transferred 238.75 ETH, worth approximately $770,000, to Coinbase.
The identities and motivations behind these reactivated wallets remain unclear. It is possible that the owners, after a prolonged period of dormancy, are now looking to cash in on their gains. Alternatively, the recent surge in Ethereum's price, potentially driven by the possible approval of an Ethereum ETF by the SEC, may have contributed to the decision to activate these wallets.
Despite a recent dip in price, Ethereum remains a strong performer in the cryptocurrency market. As of the writing, Ethereum is trading at $3,598, representing a percentage gain of 13.62% over the past seven days.
These reactivated wallets serve as a reminder of the potential for long-term gains in the cryptocurrency market. As the industry continues to mature and gain mainstream acceptance, it is likely that we will see more instances of individuals cashing in on the substantial returns offered by digital assets.
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