In a whirlwind 24-hour period, Ethereum, the second-largest cryptocurrency, made waves by surpassing the $3,000 threshold before settling back to $2,977 at the time of reporting.

Adding to the excitement, Ethereum also saw a surge in new wallet creations, with a staggering 267,000 fresh wallets recorded. This influx marks the highest number of new wallets in nearly two years, signaling renewed interest and participation in the Ethereum ecosystem.

#Ethereum Records 267K New Wallets, the Highest in Nearly 2 Years. @santimentfeed $ETH #cryptocurrencyhttps://t.co/3yVvcot09I

— TheCryptoBasic (@thecryptobasic) May 2, 2024

However, amidst the excitement, an intriguing development emerged from Lookonchain data: an Ethereum ICO participant, dormant for 8.8 years, resurfaced and transferred 1,960 ETH, equivalent to $5.87 million, out of their wallet.

Notably, this individual had initially received 1,969.488 ETH, valued at $5.9 million, during Ethereum’s Genesis ICO period, when the price per ETH hovered around $0.31.

An #Ethereum ICO participant woke up after 8.8 years of dormancy and transferred 1,960 $ETH($5.87M) out.

He received 1,969.488 $ETH($5.9M) at #Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/g6mbyzSSgj pic.twitter.com/qm8wvJC8Xn

— Lookonchain (@lookonchain) May 2, 2024

Notable Movements Associated With Ethereum Foundation To Monitor 

Further scrutiny by Arkham revealed interesting movements involving addresses suspected to be associated with the Ethereum Foundation.

One such address (0xd7…c1f4) reportedly sold 100 ETH for 291.267k DAI via the Cow Protocol, a decentralized exchange, before transferring the acquired DAI to another Ethereum Foundation address (0x9e…313D).

Intriguingly, this suspected Ethereum Foundation address has been observed selling ETH for DAI through the Cow Protocol over a recent period.

According to Arkham, the address marked as a suspected Ethereum Foundation (0xd7…c1f4) sold 100 ETH for 291.267k DAI through Cow Protocol today, and then transferred these DAI to the Ethereum Foundation address (0x9e…313D). In the past period of time, the suspected Ethereum…

— Wu Blockchain (@WuBlockchain) May 2, 2024

These developments underscore the dynamic nature of the Ethereum ecosystem, with significant price movements, record wallet growth, and intriguing wallet activities capturing the attention of market participants and analysts alike.

As Ethereum continues to evolve and attract attention, such developments serve as reminders of the cryptocurrency’s vibrant and ever-changing landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Filed under: Bitcoin - @ May 5, 2024 2:07 am