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A mysterious Ethereum wallet, dormant for almost nine years, has suddenly come back to life. Crypto Data Tracker Whale alert reported in recent hours that a dormant pre-mine address containing 492 ETH, currently worth $1,139,052, was just activated after 8.5 years.
Its owner most likely purchased the tokens during the Ethereum ICO, when each ETH was worth around 31 cents.
However, the wallet remained inactive for the next eight and a half years, never sending or receiving transactions. This sparks interest and conjecture because it raises the question of who held the wallet and why it was never used.
Dormant wallets containing significant amounts of cryptocurrency can wake up for a variety of reasons. Sometimes dormant wallets resurface after being hacked. Other times it's simply because the owner forgot about it and, upon waking up, felt that now might be a good time to sell.
Ethereum Price Action
According to CoinMarketCap According to the data, ETH increased by 2.03% in the last 24 hours to $2,314.
In the weeks leading up to the Bitcoin ETF spot approval, the price of Ether reached new highs above $2,700 but then fell along with the rest of the market. In a stunning reversal, Ethereum price intends to trigger a rebound that could be fueled by increased network activity.
As previously reported, Ethereum is seeing a surge in network activity. According to data from on-chain analytics firm Santiment, Ethereum is seeing 101,000 new ETH addresses created every day, with 484,000 unique addresses interacting with the blockchain, and network activity is around 30% higher than what it was today. It was 90 days ago.
This means more people are transacting on the network, using smart contracts, and developing decentralized applications (dApps).
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