A dormant Ethereum wallet containing 1,969 ETH (worth around $5.9 million) has come to life after 8.8 years. This significant development, highlighted by prominent cryptocurrency tracker Whale Alert, marks the reactivation of a wallet that remained dormant since Ethereum’s ICO ended in 2015. This event follows another awakening, where a wallet linked to the Ethereum Foundation transferred nearly 2,000 ETH, valued at $6.5 million, to a new address. Market reactions to these activities have historically been negative, sparking concerns about potential Ethereum dumps.

In recent days, Ethereum whale activity has surged, with 139,560 new ETH wallets being created in a single day on April 29, as noted by analyst Ali Martinez. This sudden influx followed a notable price dip of 12.16%, presenting an opportunity that traders eagerly seized. With this increased activity, the Ethereum network has expanded rapidly, indicating heightened interest and investment.

Whale Alert