Whale Alert, a top cryptocurrency tracking tool, said that a long-dormant crypto whale has woken up on the X platform. After the Ethereum initial coin offering (ICO) ended in 2015, this famous wallet, which held millions of ETH, had not been used for almost nine years. When the wallet was turned back on, it had almost 2,000 ETH in it, which is worth $5,876,786.
Earlier, another Ethereum Foundation wallet that had been inactive for nine years was turned back on. A significant sum of 2,000 ETH, which is about $6.5 million, was moved from an old wallet to a new blockchain address.Â
This funds had been spent during the Ethereum ICO. In the past, when the Ethereum Foundation sold off a lot of ETH, the market became less optimistic. This week, there was another substantial sale in the market: a bank connected to the foundation sold 100 ETH for 291,267 DAI through the Cow Protocol.
Ethereum’s Wallet Surge Analysis
According to cryptocurrency trader and analyst Ali Martinez, the return of ancient whales aligns with a rise in Ethereum whale activity. This is shown by the fact that about 139,560 new ETH wallets were created on April 29.Â
Earlier in the week, Ethereum’s price declined significantly, falling 12.16% from $3,243 to around $2,960. It then slowly rose again, by 3.87%. It was an excellent opportunity for traders to take advantage of this decline, and they did so immediately, creating nearly 140,000 new wallets and growing the network.
Well-known crypto expert Michael van de Poppe recently said on Twitter that ETH might go back to the $2,500 area for better market play. He is still not sure if there will be a serious market correction, though, saying that most of the risks of that happening have already been taken into account.
