In a surprising development, an Ethereum (ETH) address has been revived after being dormant for eight and a half years, sending ripples through the crypto community.
The mysterious address contained 492 ETH worth $1,139,052 and was revealed by popular crypto tracking service Whale Alert in a tweet on Friday.
Since Ethereum’s launch on July 30, 2015, your coins have remained securely stored. In particular, his 0.5 ETH test transaction appears to have been initiated on February 2, 2024, from an address confirmed on Etherscan. A transfer of 98 ETH was then performed and the funds were redirected to the same wallet.
The unexpected awakening of such a large amount of Ethereum has raised many questions within the cryptocurrency community, leaving enthusiasts perplexed as to the motives behind this sudden move.
Theories vary as to the owner’s intentions, but one school of thought proposes that the resurgence of the address could be due to the recovery of a lost or forgotten seed phrase.
Alternatively, some speculate that long-term holders, known as “hodlers”, may have chosen to liquidate their assets, lured by attractive returns.
Others have speculated that the awakening will be fueled by upcoming upgrades to the Ethereum network or the possible approval of the Spot ETH ETF, both of which are seen as potential catalysts for the cryptocurrency.
However, Friday’s events were not isolated. On January 22nd, the platform reported another case where a dormant pre-mining address containing 133 ETH worth $329,492 was activated after eight and a half years. Similarly, on January 14, another address containing 200 ETH worth $506,140 was reactivated after being inactive for the same period.
Notably, the biggest resurgence occurred on December 23rd, when Whale Alert reported the activation of a pre-dormant mine address containing a staggering 11,640 ETH worth an astonishing $26.5 million.
Amid these developments, Ethereum has demonstrated the resilience of its trading performance, remaining nominally strong despite the impact of a difficult January. Notably, ETH recently experienced a pullback from a pivotal support level around $2,200.
That said, a potential surge could push it all the way to January’s highs of $2,700, or even toward an eye-popping high of $3,400. On the other hand, if there is a downturn, the cryptocurrency could fall below $2,200 and drop to around $1,790.
ETH was trading at $2,320 at the time of writing after gaining 0.56% in the past 24 hours.