The cryptocurrency market has experienced a recent surge, with Ethereum’s price (ETH) increasing by 3.66% in the last 24 hours to reach $3,175 from $3,166. This sudden rise coincides with the reactivation of an old phenomenon – a dormant Ethereum wallet. According to crypto tracker Whale Alert, this wallet, which had been inactive for more than 8.7 years, was found to be holding 197 ETH worth $622,685. This discovery has sparked speculation and interest within the crypto community.
There are various speculations regarding the activation of this dormant wallet. Some believe it could be the owner’s strategy to locate lost keys and hold onto their coins, while others see it as a personal decision or entity’s choice. The anonymity surrounding the wallet’s owner adds to the mystery, with no clear indication of their identity or the reasons behind the prolonged dormancy.
Meanwhile, Ethereum’s on-chain reports also revealed a significant withdrawal of 10,119 ETH worth $31.83 million from Binance. Such withdrawals are often seen as a bullish sign by the market, indicating a buyer’s intent. The whale behind this withdrawal has been actively accumulating ETH, purchasing 127,388 ETH valued at $405.19 million from decentralized exchanges (DEX) since April 8. This activity further strengthens the bullish sentiment towards Ethereum, as the whale has consistently bought at an average price of $3,172.
In another development, a recent report by Coingape highlights an Ethereum whale who had acquired ETH during the initial coin offering (ICO) phase and has now sold a portion of their holdings. The whale initially acquired 33,213 ETH during Ethereum’s Genesis ICO in 2015 and has now deposited 5,110 ETH to Kraken or sold it via DEX for an estimated price of $2,545. However, the whale still holds a significant amount of ETH, with approximately 29,700 ETH worth $89.4 million in three wallets, primarily on staking platforms.
In other news, XRP lawyer Bill Morgan has criticized the SEC’s $2 billion Ripple settlement, questioning its fairness. This development has also caused a stir in the crypto community.