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An early Ethereum ICO participant woke up after 8.6 years, causing a stir in the crypto world. This investor, who had not moved their Ethereum holdings since that time, drew attention by transferring 238.75 ETH worth nearly $770,000 to Coinbase. This move occurred shortly after Ethereum’s price recently rose above $3,200, creating significant excitement in the crypto community.
Ethereum Whale Awakens
This person, one of Ethereum’s early investors, had purchased these funds at the inception of Ethereum. When we look at the time frame, the ETH, which moved after 102 months or 3133 days, were initially bought at approximately $0.31 each, highlighting the current high value and emphasizing Ethereum’s tremendous growth.
However, this incident is not an isolated example. Recently, there has been an increase in similar cases involving the reactivation of old Ethereum addresses that had been inactive for years. Earlier this month, there were reports of an Ethereum address being activated after lying dormant for 8.5 years.
In addition to this event, several inactive addresses have transferred significant amounts of ETH. Among these are addresses containing 492 ETH, 133 ETH, and 200 ETH. Yet, the most striking was the emergence of an address with 11,640 ETH that was reactivated after 8.4 years.
Speculations Increase Following ETH Movements
There are various speculations about the reasons behind these reactivations. Some suggest that a combination of market dynamics, technological updates, personal finance issues, legal changes, and psychological factors like FOMO are triggering this activity. However, it’s clear that the underlying factor is investors’ tendency to return to the world of cryptocurrency.
Ethereum’s price performance has also shown a noteworthy increase in connection with these events. Currently, Ethereum’s price has risen by 3.6% to $3,223.33. However, this increase indicates significant volatility within a 24-hour period, with prices fluctuating between $3,041.89 and $3,273.65.
The early investor’s decision to wait such a long time is also intriguing. The altcoin Ethereum had previously reached a high of $4,800 during the last bull market. The whale’s choice to make their move now rather than during that period raises questions.
