Dormant Ethereum Whale Holding $5.4M Returns After 9 Years

An Ethereum wallet address has sprung to life after laying dormant for over nine years. According to data from the blockchain-focused platform Whale Alert, this wallet address holds over $5 million worth of Ethereum.

💤 A dormant pre-mine address containing 2,000 #ETH (5,476,804 USD) has just been activated after 9.1 years!https://t.co/iD9k61CCzU

— Whale Alert (@whale_alert) August 26, 2024

Notably, this wallet holds a significant amount of ETH and is a pre-mine Ethereum address. Before the official launch of the asset in 2015, there were pre-mine addresses. Tokens were minted and distributed through them during Ethereum’s initial sale, allowing early supporters and investors to secure a piece of the project before it became widely known as a blockchain project. It entails that the owner of the reactivated wallet address is an early ETH investor.

Whale Awakens After 9.1 Years

On-chain data shows that this dormant Ethereum address, which has been idle since 2014, the year of the Ethereum ICO, holds exactly 2,000 ETH tokens.

At that time, this amount of Ethereum was evaluated at around $620, as ETH was worth about $0.31. However, at the current market price, the wallet is valued at an impressive $5.47 million.

The recent activation of an Ethereum address is not an isolated incident. In June, Whale Alert revealed that a pre-mine address with 6,000 ETH worth over $21 million resumed activity after 8.9 Years.

The activation of dormant crypto addresses often stirs speculation and interest within the crypto industry, especially if they are from the early days of the asset.

Members of the crypto community have expressed their shock at the number of years the whale stayed off. While some see it as a strategic reawakening, others are impressed by the fact that the whale remembers their password/private key after all this time.

Ethereum Price Performance

The second-biggest cryptocurrency by market capitalization, Ethereum, is trading at $2,720, representing a decline of 1.53% over the last 24 hours.

Meanwhile, while some whales awaken from years of slumber, others increase their ETH holdings. Earlier this month, CoinTab reported that Ethereum whales accumulated more than $331 million during the market corrections. This highlights the increased optimism and confidence in the crypto asset despite the recent price struggles.