Prominent cryptocurrency tracker Whale Alert has published a post on the X platform about a recently awakened crypto whale. This wallet contains millions worth of Ethereum.
This premined whale had spent almost nine years in dormancy – this means since 2015, the year that followed the end of the Ethereum initial coin offering (ICO).
The reactivated wallet contains almost 2,000 ETH worth $5,876,786.
💤 A dormant pre-mine address containing 1,969 #ETH (5,876,786 USD) has just been activated after 8.8 years!https://t.co/MzyVVkMhIc
— Whale Alert (@whale_alert) May 2, 2024
Ethereum Foundation dumps ICO ETH
Prior to this awakening, an ancient wallet that belongs to the Ethereum Foundation was reactivated after nine years. The wallet transferred a massive 2,000 ETH evaluated at approximately $6.5 million. This money put into it during the period of the Ethereum ICO was moved to a new blockchain address.
In the past, the market has reacted negatively when the Ethereum Foundation has released large amounts of Ethereum. This is not the only sale made by this prominent entity observed by market participants this week. Earlier today, it was reported that another wallet linked to the foundation sold 100 ETH for 291,267 DAI via the Cow Protocol.
Ethereum whale activity soars high
This awakening of an ancient whale took place after the overall activity of Ethereum whales demonstrated the largest growth in addresses over the past year. Approximately 139,560 new ETH wallets were created on a single day – April 29, according to cryptocurrency trader and analyst Ali Martinez.
Earlier this week, the second-largest cryptocurrency saw a tremendous decline of 12.16%, falling from $3,243 to the $2,960 zone. It was followed by a small rebound of 3.87%. This discount provided a great opportunity to buy the dip, and traders immediately took advantage of this, setting up almost 140,000 new wallets, expanding the network.
Prominent crypto analyst Michael van de Poppe has just tweeted that he expects Ethereum may go down to the $2,500 zone “for the most optimal play.” However, he does not believe that crypto markets are likely to be in for such a heavy correction. “Most of the downside is already in,” he added.
#Ethereum might be dropping to $2,500 area for the most optimal play.
Personally, I don’t think the markets are going to be having such a heavy correction.
Most of the downside is already in. pic.twitter.com/l9c1BCh65e
— Michaël van de Poppe (@CryptoMichNL) May 2, 2024