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Whale Alert, a popular blockchain sleuth that tracks large cryptocurrency transfers and shares their details on Twitter/X with the community, reported that an old Ethereum wallet has come back to life after lying dormant for almost nine years.
A Dormant Whale Stirs, Holding Thousands of ETH
The aforementioned source spotted a pre-mined Ethereum address with 11,640 ETH worth $26,489,720, awakened after 8.4 years, meaning it was last used in late 2014 after the he Ethereum team has finished raising funds through its initial coin offering.
So far, the whale has transferred 500 ETH to a freshly created wallet.
Meanwhile, this transaction sparked a heated discussion within the cryptocurrency community. They have suggested various explanations for this awakening of the whales, particularly now, mostly leaving comments snide or speculating that it might be “paper hands.”
Over the past month, several Ethereum wallets have been activated after years of dormancy, selling massive amounts of ETH. In early December, Ethereum, the second most popular cryptocurrency, saw a whopping 10% surge, retaking the $2,377 price level, so many whales apparently decided to start selling their cryptocurrency reserves. ETH purchased during the Ethereum ICO.
However, on December 10, Ethereum rebounded, losing the 10% it had gained, and then climbed again, now adding 7.38%. As of this writing, Ethereum is changing hands at $2,285. Despite all the market turmoil, the coin managed to hold above the $2,200 level; even though it has dropped well below several times, it is still holding above $2,000.
Arthur Hayes expects ETH to hit $5,000
It was reported that BitMEX founder and former CEO Arthur Hayes sold his Solana Reserve (SOL) and purchased an undisclosed amount of Ethereum. He also said that he expects Ethereum to reach the price of $5,000 without specifying when, at least approximately.
While Hayes just purchased ETH, an anonymous whale, according to a tweet from smart money tracker @lookonchain, made a 433x profit trading ETH, earning around $1 million. They sold 1 ETH to acquire 293.8 million OMNI and then got rid of it, gaining 176 ETH. They now hold 155 million OMNI in their portfolio and a profit of $1 million made in a single day.