This came to light following another significant development – an Ethereum whale, with a colossal 61,216 ETH ($116 million), ended an eight-year hiatus
Ethereum, one of the leading cryptocurrencies in the market, recently experienced an unexpected tremor. A dormant pre-mined address containing 200 ETH, approximately $381,566 USD, sprang back into activity after 8 years of inactivity.
The wallet was identified as part of the initial coin offering (ICO) at Ethereum’s inception, marking a fascinating shift for those tracking the cryptocurrency.
This reactivation followed the emergence of an even larger Ethereum whale, who ended an eight-year dormancy by depositing a colossal 61,216 ETH, which equates to about $116 million, into the cryptocurrency exchange Kraken.
This considerable movement was identified as originating from an early participant in Ethereum’s ICO during the Genesis event.
Despite these market shakes, the price of Ethereum has remained steady. Ethereum, also known as ETH, closed at $1,902.26, with a modest 0.4% growth, proving its resilience to this sudden movement of pre-mined Ethereum. The market capitalization for Ethereum is presently $228.6 billion.
Ethereum’s ICO took place back in 2014, a pioneering event in the cryptocurrency world, where tokens were sold for approximately $0.31 each.
Those fortunate enough to have participated in the ICO and held onto their Ethereum would now be seeing a considerable return on investment, with the current price exceeding $1,900. These recent whale movements illustrate the long-term value of Ethereum and underscore the potential impact of large token holders on the market.