Whale Alert, a dealer tracking bot, has revealed that a long-dormant Ethereum wallet has come back to life after seven years of inactivity. The wallet in question contained 7,900 ETH worth $16.37 million, and the dealer appears to be preparing to sell it off on an exchange.
💤 💤 A dormant pre-mine address containing 7,900 #ETH (16,376,842 USD) has just been activated after 7.7 years!https://t.co/7xk0FLOYei
— Whale Alert (@whale_alert) April 14, 2023
This news comes just days after Ethereum completed its highly anticipated Shapella upgrade, which was designed to improve the platform’s scalability and transaction speeds. As a result of this upgrade, Ethereum’s price surged above $2,100 for the first time in almost a year, making it an attractive option for investors looking to capitalize on the platform’s growing popularity.
It’s not uncommon for cryptocurrency wallets to remain inactive for extended periods, especially if the owner has lost access to the private key or has simply forgotten about the account. However, in this case, it appears that the owner has reactivated the wallet with the intention of selling off their assets, which could have a significant impact on the cryptocurrency market.
Whale Alert, which tracks large transactions across multiple blockchains, first alerted the community to the transfer, and many investors are now keeping a close eye on the situation. While it’s unclear who the owner of the wallet is or what their intentions are, the sudden influx of ETH onto the market could cause the price of the cryptocurrency to drop if there isn’t sufficient demand to absorb the sell-off.
Overall, the reactivation of this Ethereum wallet is a significant development in the cryptocurrency space and underscores the growing importance of the platform in the wider financial world. As the market continues to evolve and mature, it’s likely that we’ll see more stories like this in the future as investors look to capitalize on the potential of digital assets.
Read more:
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