Dormant Ethereum Whale Awakens for First Time in 8 Years, Gaining Massive Pre-Mined ETH
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Unexpected development, whale alertA well-known blockchain tracking platform has revealed that a premine Ethereum address has been dormant for a long time after sleeping for a staggering 8.1 years. The address, which previously contained 191 Ethereum tokens valued at around $317,724, is making a comeback, sending conspiracy ripples across the crypto space.
Pre-mining is the act of mining and distributing cryptocurrencies prior to their official launch. This resurrection of the sleeping whale’s speech is a rare occurrence, last occurring nearly three weeks ago at the end of July. Case in point, an Ethereum ICO participant who has been silent for eight years has orchestrated a massive transfer of 641 ETH, currently worth about $1.07 million.
massive bear alert
The cryptocurrency community remains divided over the importance of these reawakenings. General sentiment suggests that an economic recovery could portend a bearish trend in the market. This belief is also gaining support from recent historical trends. For example, ETH price dropped a staggering 20.42% following a previous instance of similar whale reactivation in July.
The skeptics’ position found further validation in the months between May and mid-July, during which such dormant wallets woke up weekly, causing a 17.3% drop in ETH price.
As awakened whales navigate the current market environment, communities must prepare for potential fluctuations. Now all eyes are on the awakened whale and the inexplicable tide it will bring.
In this ever-evolving narrative of cryptocurrency trends, the return of the pre-mining Ethereum whale for the first time in almost a decade is a complex interplay between early investors, market sentiment, and the pulse of digital assets. It is a poignant reminder of
