Dormant Ethereum Wallet Springs to Life After 8.5 Years
An Ethereum wallet, dormant for almost a decade, recently stirred back to life, catching the attention of crypto analysts.
The inactive premine address, holding 492 ETH now valued at $1,139,052, was reactivated after an 8.5-year hiatus. It appears that the tokens were initially acquired during Ethereum’s ICO period when each ETH was priced at around 31 cents.
💤 A dormant pre-mine address containing 492 #ETH (1,139,052 USD) has just been activated after 8.5 years!https://t.co/QI9hYG7GbD
— Whale Alert (@whale_alert) February 2, 2024
Curiously, this wallet lay dormant for an extended period, displaying no signs of transactional activity. This raises intriguing questions about the original owner and the mysterious decision to keep the assets untouched for so long.
The reactivation of long-dormant cryptocurrency wallets can occur for a variety of reasons. Some may reappear due to security breaches, while others might resurface as owners rediscover forgotten assets and decide to capitalize on current market conditions.
Shifting focus to Ethereum’s recent market performance, CoinMarketCap data indicates a 2.03% uptick in ETH value over the past 24 hours, reaching $2,314.
Despite recent fluctuations, Ethereum had previously reached highs exceeding $2,700 in anticipation of the spot Bitcoin ETF approval, only to experience a subsequent market-wide downturn. Intriguingly, there are indications that Ethereum’s price may be gearing up for a potential resurgence, potentially fueled by a notable increase in network activity.
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In recent observations, Ethereum has seen a significant uptick in network activity, with on-chain analytics from Santiment revealing the creation of 101,000 new ETH addresses daily. Approximately 484,000 unique addresses are actively participating in blockchain interactions, reflecting a 30% surge in network activity compared to the past 90 days.
This surge suggests a heightened level of engagement, encompassing increased transactions, smart contract utilization, and the development of decentralized applications (dApps) on the Ethereum network.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
