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Dormant Ethereum Wallet Reactivated After 8.5 Years, Holding $1.1 Million in ETH

Dormant Ethereum Wallet Awakens After Nearly a Decade, Sparks Speculation on Owner's Intentions

Feb 02, 2024
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The sudden reactivation of a long-dormant Ethereum wallet raises questions about its owner and the reasons behind the prolonged inactivity.

A dormant Ethereum wallet that lay inactive for nearly nine years has suddenly come back to life, capturing the attention of the cryptocurrency community. Whale Alert, a prominent crypto data tracker, reported the reactivation of a premine address containing 492 ETH, valued at $1,139,052 at present.

The tokens in the wallet were likely acquired during Ethereum's Initial Coin Offering (ICO), when the value of each ETH was approximately 31 cents. Despite this substantial investment, the wallet remained dormant for eight and a half years, devoid of any transactions, prompting speculation about the identity of its owner and the reasons behind the prolonged inactivity.

Dormant cryptocurrency wallets can resurface for various reasons, ranging from hacking incidents to owners simply forgetting about them. The sudden reawakening often leads to considerations of whether the current market conditions are favorable for selling.

As of the latest data from CoinMarketCap, Ethereum has experienced a 2.03% increase in the last 24 hours, reaching $2,314. The recent approval of the spot Bitcoin ETF had initially propelled Ether pricing to surpass $2,700, but a subsequent market downturn affected its value. Ethereum is now eyeing a rebound, driven by a surge in network activity.

Ethereum has witnessed a significant uptick in network activity, as reported by on-chain analytics firm Santiment. The blockchain is seeing the creation of 101,000 new ETH addresses daily, with 484,000 unique addresses actively engaging with the network. This surge indicates a 30% increase in network activity over the past 90 days, reflecting a growing number of transactions, smart contract utilization, and decentralized app (dApp) development.

The revival of the dormant wallet, coupled with Ethereum's increased network activity, adds an intriguing layer to the unfolding narrative in the cryptocurrency space, leaving observers curious about the motives behind the sudden resurgence.

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