The cryptocurrency market has witnessed a surge in Ethereum (ETH) price by 3.66% over the last 24 hours, reaching $3,175. This surge coincides with the reactivation of an ancient Ethereum wallet that had been dormant for nearly 8.7 years, according to data from the crypto tracker Whale Alert. The dormant wallet, holding 197 ETH valued at $622,685, has sparked intrigue and speculation within the crypto community.

Speculation Surrounding Dormant Wallet’s Activation

The sudden awakening of the long-dormant Ethereum wallet has prompted speculation regarding its owner’s identity and intentions. Some suggest the possibility of the owner rediscovering lost keys, while others speculate that it could be a strategic decision to “hodl” until now. The wallet’s anonymity adds to the mystery, with no clear indication of the early ETH adopter’s identity or the reasons behind its prolonged dormancy.

Some members of the crypto community speculate about potential market movements signaled by the activation of the dormant wallet. In contrast, others view it as a personal decision by an individual or entity. Despite these speculations, the exact reasons behind the wallet’s sudden awakening remain undisclosed, leaving the mystery surrounding it largely unsolved for now.

As Ethereum regained the $3,000 price mark, on-chain sources reported a significant withdrawal of 10,119 ETH worth $31.83 million from Binance. Withdrawals of this magnitude are often interpreted as a signal of intent to buy within the market. The whale behind the withdrawal has been actively accumulating ETH, purchasing 127,388 ETH worth $405.19 million from decentralized exchanges (DEX) and Binance since April 8. This activity indicates a bullish sentiment towards Ethereum, with the whale consistently buying at an average price of approximately $3,172.

ICO Participant Sells Ethereum Holdings

In a recent development, Coingape reported on an Ethereum whale who acquired ETH during the Initial Coin Offering (ICO) phase and subsequently sold a portion of their holdings. The whale, who initially acquired 33,213 ETH during Ethereum’s Genesis ICO in 2015, has deposited 5,110 ETH to Kraken or sold via DEX at an approximate price of $2,545. Despite this sell-off, the whale still retains a significant amount of ETH, holding approximately 29.7K ETH valued at $89.4 million across three wallets, primarily within staking platforms.

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The post Ethereum (ETH) Price Surges 3.66% Amid Ancient Wallet Activation appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am