A dormant ethereum address has sprung to life to take advantage of the price surge that has rocked the digital asset over the past day. The wallet, which had not seen any activity in almost a decade, made its first transaction after the price of eth surpassed $3,200. Given that this investor has managed to hold on over the years, is he ready to sell?
Dormant Pre-Mine ethereum Address Wakes Up
On-chain data monitoring platform Whale Alert reported in the early hours of Tuesday that a dormant ethereum address had been woken up. The address in question is a pre-mine address, meaning it existed before the official launch of ethereum.
Looking at the ADDRESS On the chain, we can see that the address had received 238.75 eth in Block 0, which is the Genesis block. Now, since there was basically no value for eth at the time, it's possible that this was a test transaction at the time, only worth a couple of dollars at launch.
A pre-mine inactive address containing 238 eth?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow noopener” target=”_blank”>#eth ($771,893) has just been activated after 8.6 years.https://t.co/Py2J5EO1T8
– Whale Alert (@whale_alert) February 27, 2024
However, over the years, the value of eth has skyrocketed. With the price of ethereum currently above $3,200, the value of the wallet has risen to over $770,000 at the time of writing. This increase in price could have been the impetus for the wallet owner to re-enter the market.
An initial transaction of 1 eth was first carried out from this wallet to another “0x785c8E…3e77ED7c” and once that transaction was confirmed, the entire wallet balance was transferred to the same wallet. In total, the wallet was dormant for 8.6 years before being reactivated today.
Where did eth end up?
For the investor behind this dormant address, it appears the ultimate goal is to sell, given where eth ended up. After transferring the balance to “0x785c8E…3e77ED7c”, which is a new wallet, another test transaction of 1 eth was carried out with the destination Coinbase. Subsequently, the entire balance was also sent to Coinbase, leaving the new wallet empty.
Since the main reason investors send coins to centralized exchanges like Coinbase is to sell, this investor may be looking to sell their coins. In that case, the coins may have been sold long ago at the time of this publication.
However, since the balance of this address was worth less than $1 million, it is unlikely to have any negative effect on the price of ethereum, even if the investor sells his coins. Even now, ethereum continues to hold firmly above $3,200 as bulls dominate the market.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/02/Ethereum-Outperforms-Bitcoin-as-Institutional-Investors-Clamor-for-ETH-Exposure" alt="Tradingview.com ethereum Price Chart” width=”3286″ height=”1530″/>
eth price bounces above $3,200 | Source: ETHUSD on Tradingview.com
Featured image from Forkast News, chart from Tradingview.com
