According to Whale Alert, a popular tool for tracking cryptocurrency portfolios, an inactive address containing 687 ($43.9 million at current prices) has been identified. activated after more than a decade.
According to Whale Alert, a popular tool for tracking cryptocurrency portfolios, an inactive address containing 687 ($43.9 million at current prices) has been identified. activated after more than a decade.
The sudden activation comes after the price of the leading cryptocurrency managed to reclaim the $64,000 level. The leading cryptocurrency is currently trading at $64,380, according to data from CoinGecko.
However, the awakening of the Bitcoin whale is unlikely to be related to the price increase. According to Chainalysis data, there is no direct correlation between the price performance of the leading cryptocurrency and the activation of old wallets.
In general, approximately 115 billion dollars in Bitcoin It is currently gathering dust in portfolios that have been dormant for over 10 years. While some of these wallets tend to go live sooner or later due to various reasons, analysts estimate that 1.5 million coins will be lost forever.
The aforementioned Bitcoin address comes from the era of Bitcoin creator Satoshi Nakamoto. He resurfaced on the Internet in March 2014 to clarify that he was not Japanese-American Dorian S. Nakamoto after the latter was highlighted in a viral Newsweek story.
Of course, it is highly unlikely that the transaction is related to the mysterious founder of Bitcoin. However, old wallets can move markets because they are potentially associated with Satoshi. For example, the price of Bitcoin saw a substantial drop in May 2020 after 50 Bitcoins were mined during the cryptocurrency’s first month of existence. transferred to an unknown wallet. However, analysts were quick to conclude that these coins were not Satoshi’s.
