A well-known blockchain detective Whale Alert, which monitors significant cryptocurrency transactions and disseminates information about them to the community on Twitter/X, has revealed that an old Ethereum wallet has resurrected after being dormant for almost nine years.
Dormant whale stirs, holding thousands of ETH
The previously stated source discovered a pre-mine Ethereum address holding 11,640 ETH valued at $26,489,720. The address was last used in late 2014, following the completion of the Ethereum team’s initial token sale, and it has been woken after 8.4 years.
The whale has moved 500 ETH to a newly constructed wallet thus far.
https://x.com/whale_alert/status/1738420341716730274?s=20
In the meanwhile, there was a contentious debate about this transaction among bitcoin users. They made a number of caustic remarks or surmised that it may be “paper hands” as an explanation for why the whale was waking up, especially now.
Following years of inactivity, a number of dormant Ethereum wallets were awakened over the course of the last month, selling enormous amounts of ETH. When Ethereum, the second-most popular cryptocurrency, saw a 10% price increase at the beginning of December and reclaimed the $2,377 mark, many whales seemed to decide to start liquidating their ETH stashes that they had purchased during the Ethereum ICO.
Ethereum, on the other hand, recovered on December 10 and lost the 10% gain before surging once again, gaining 7.38% at this point. When this article was written, Ethereum was trading at $2,285. The currency has held above the $2,200 barrier despite all of the market volatility; it has dropped below it a few occasions, but it has managed to stay over $2,000 overall.
Arthur Hayes expects ETH to reach $5,000
Arthur Hayes, the creator and former CEO of BitMex, reportedly liquidated his Solana (SOL) holdings and purchased an unknown quantity of Ethereum. Additionally, he stated that he believes Ethereum would soar to $5,000 in value; however, he did not provide an exact date.
Even though Hayes recently purchased ETH, an unidentified whale has reportedly gained 433 times more money than he invested in ETH, or almost $1 million, according to a tweet from the Smart Money tracker @lookonchain. He gained 176 ETH by selling 1 ETH to buy 293.8 million OMNI, which he then sold. With a profit of $1 million in a single day, he now has 155 million OMNI remaining in his wallet.
