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Dormant Ethereum Whale Awakens After 8.8 Years, Holding a Significant ETH Amount

A renowned cryptocurrency tracker, Whale Alert, has posted on the X platform about a recently awakened cryptocurrency whale. This wallet contains Ethereum valued at millions of dollars.

This pre-mined whale had been dormant for nearly nine years—meaning it had been inactive since 2015, a year after the Ethereum Initial Coin Offering (ICO) concluded.

The reactivated wallet contains close to 2,000 ETH, valued at $5,876,786.

Ethereum Foundation Sells ICO ETH Before this awakening, an ancient wallet belonging to the Ethereum Foundation was reactivated after nine years. The wallet transferred 2,000 ETH, valued at approximately $6.5 million. The funds invested during the Ethereum ICO were moved to a new blockchain address.

In the past, the market has reacted negatively when the Ethereum Foundation released a large amount of Ethereum. This was not the only sale observed by market participants from this notable entity this week. Earlier today, another wallet associated with the foundation reportedly sold 100 ETH through the Cow Protocol, receiving 291,267 DAI in exchange.

Ethereum Whale Activity Soars The awakening of the ancient whale occurred after overall Ethereum whale activity showed the largest increase in addresses over the past year. According to cryptocurrency trader and analyst Ali Martinez, approximately 139,560 new ETH wallets were created on April 29th.

Earlier this week, the second-largest cryptocurrency plummeted by 12.16%, dropping from $3,243 to the $2,960 region. It then made a modest rebound of 3.87%. This discount provided an excellent opportunity for buying the dip, which traders immediately took advantage of, establishing nearly 140,000 new wallets and expanding the network.

Prominent cryptocurrency analyst Michael van de Poppe recently stated on Twitter that he expects Ethereum could fall to the $2,500 region “for the best play.” However, he does not believe the cryptocurrency market will see such a severe adjustment. “Most of the downside has already materialized,” he added.

#Ethereum might fall to the $2,500 region for the best play.

Personally, I don’t think the market will see such a harsh adjustment.

Most of the downside is already there.

— Michaël van de Poppe (@CryptoMichNL) May 2, 2024

Sentiment: Positive

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