Prominent cryptocurrency tracker Whale Alert has published a post on the X platform about a recently awakened crypto whale. This wallet contains Ethereum worth millions.
Prominent cryptocurrency tracker Whale Alert has published a post on the X platform about a recently awakened crypto whale. This wallet contains Ethereum worth millions.
This pre-mined whale had spent almost nine years inactive, that is, since 2015, the year following the end of the Ethereum initial coin offering (ICO).
The reactivated wallet contains almost 2,000 ETH worth $5,876,786.
Ethereum Foundation abandons ETH ICO
Prior to this awakening, an old wallet belonging to the Ethereum Foundation was reactivated after nine years. The wallet transferred a whopping amount of 2000 ETH valued at approximately $6.5 million. This money invested during the Ethereum ICO period was moved to a new blockchain address.
In the past, the market reacted negatively when the Ethereum Foundation released large amounts of Ethereum. This is not the only sale made by this prominent entity observed by market participants this week. Earlier today, another wallet linked to the foundation was reported to have sold 100 ETH for 291,267 DAI via the Cow Protocol.
Ethereum Whale Activity Soars
This awakening of an ancient whale took place after overall Ethereum whale activity demonstrated the largest growth in addresses over the past year. Approximately 139,560 new ETH wallets were created in a single day, April 29, according to cryptocurrency trader and analyst Ali Martínez.
Earlier this week, the second-largest cryptocurrency saw a tremendous 12.16% drop, falling from $3,243 to the $2,960 zone. A small rally of 3.87% followed. This discount provided a great opportunity to buy the dip, and traders took advantage immediately, creating almost 140,000 new wallets and expanding the network.
Prominent crypto analyst Michael van de Poppe just tweeted that he expects Ethereum to drop to the $2,500 area “for the most optimal play.” However, he does not believe that crypto markets will suffer such a strong correction. “Most of the disadvantages are already present,” he added.
