Key Points
An Ethereum address, inactive for almost ten years, has been activated due to the recent rise in the price of the digital asset. The wallet made its first transaction when the price of Ethereum exceeded $3,200. The question now is whether the investor is ready to sell after holding for so many years.
The Awakening of a Dormant Ethereum Address
Whale Alert, an on-chain data tracking platform, reported that a dormant Ethereum address has been activated. The address in question is a pre-mine address which existed before the official launch of Ethereum.
The on-chain address received 238.75 ETH at the Genesis block (Block 0). At the time, Ethereum had no value, so it’s possible that this was a test transaction, worth a few dollars at launch.
As the years have passed, the value of Ethereum has significantly increased. With the current price of Ethereum over $3,200, the wallet’s holdings have risen to over $770,000. This price increase may have prompted the wallet owner to re-enter the market.
An initial transaction of 1 ETH was made from this wallet to another. Once that transaction was confirmed, the entire wallet balance was transferred to the same wallet. The wallet remained dormant for 8.6 years before being reactivated.
Where Did The Ethereum End Up?
The end game for the investor of this dormant address appears to be selling, given where the Ethereum ended up. After transferring the balance to a new wallet, another test transaction of 1 ETH was made, with the destination being Coinbase. Subsequently, the entire balance was sent to Coinbase, leaving the new wallet empty.
It’s likely that this investor is planning to sell their coins, as the main reason investors send coins to centralized exchanges like Coinbase is to sell. The coins may have already been sold by the time of this publication.
However, as the balance of this address was worth less than $1 million, it’s unlikely to negatively impact the price of Ethereum, even if the investor is selling their coins. Ethereum continues to hold strongly above $3,200 as bulls dominate the market.
