Dormant Ethereum Genesis Address Holding Massive ETH Reactivates After 9 Years

A Genesis Ethereum wallet address has sprung back to life after laying dormant for almost 9 years. The wallet which holds a substantial amount of ETH tokens has been idle since 2015, the same year Ethereum was launched. The news has sparked discussion among the crypto community about the reason for its sudden comeback.

Dormant Ethereum Whale With Almost 2k ETH Tokens Reactivates

Earlier today, WhaleAlert, a large transaction cryptocurrency tracker, revealed that a dormant “pre-mine” Ethereum address has been reactivated after 8.8 years. This wallet holds exactly 1,969 ETH tokens, valued at a massive $5.87 million at the time of reporting.

A dormant pre-mine address containing 1,969 #ETH (5,876,786 USD) has just been activated after 8.8 years!https://t.co/MzyVVkMhIc

— Whale Alert (@whale_alert) May 2, 2024

In reaction to this, members of the crypto community have expressed their shock at the number of years the whale stayed off. While some see it as a strategic reawakening, others are impressed by the fact that the whale remembers his password after all this time, to begin with.

Meanwhile, before this, an old wallet connected to the Ethereum Foundation was also reactivated after being out of action for nine years. According to previous reports, the wallet that received ETH from the official foundation address in 2015 moved 2000 ETH tokens (worth $6.507 million) to an address labeled “0x9d2D.”

It can be observed that when the Ethereum Foundation released significant sums of Ethereum in the past, the market responded badly. Previously, investors have witnessed multiple sales made by the Ethereum Foundation this week. According to a report earlier today, 100 ETH tokens were sold for 291,267 DAI stablecoin via the Cow Protocol by another wallet associated with the foundation. The reactivation of the Ethereum address coincides with a surge in the overall Ethereum whale activities this week. Ali Martinez, a crypto trader and analyst pointed out that the Ethereum whale activities have demonstrated the largest growth over the last year with over 139,000 new ETH wallet addresses created on April 29 alone.

Ethereum Price Reaction

Meanwhile, Ethereum joins the broader crypto market in a price reversal, recording noticeable gains today. According to CoinMarketCap data, Ethereum (ETH) is currently changing hands at $2,990, representing a 1.2% increase in the last 24 hours.

Even though its price is seen facing up north, its trading volume takes a different direction, plummeting by 28.01% within the recorded time. As a result, Ethereum now has a live market cap of $358.7 billion. In hindsight, the price of ETH has dropped by 5.49% over the last 7 days and by 8.57% in the last month. Also, top crypto analysts have predicted that the Ethereum price might take a further nosedive to the $2,500 zone.

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