Unexpectedly, a dormant Ethereum whale has reactivated, moving a stunning 7,998 ETH, or $15.18 million, in a single transaction. The address, which had been idle for more than six years, got 50,000 ETH from an ICO participant back in 2017, according to the cryptocurrency intelligence website EmberCN.
The location has previously displayed indications of activity. It got 50,000 ETH in March 2017 and then sent 36,000 tokens to the Kraken market, perhaps selling them there for an average price of $255. These moves reveal a pattern of shrewd selling on the part of the address holder.
A significant sum of 192,026 ETH was purchased by the initial Ethereum bidder linked with this address during an ICO in July 2015. The cost to purchase the tokens was $0.311 per unit. A sizeable part of the acquired tokens—exactly 177,403 ETH—found their way to centralised exchanges during the course of the following two years, where they may have sold for an average price of $70.
Whales awaken, risks increase
The emergence of this significant participant in the cryptocurrency industry raised concerns about how it would affect the surge in Ethereum’s price. Similar occurrences when major holders of cryptocurrencies moved huge amounts, frequently causing market volatility, have been seen in the past on the market.
Since the previous time these whales were awakened at the end of May, the price of Ethereum originally fell by 14%, but it was able to regain its worth. If additional whales surface, it could be a good idea to learn from the past and take precautions, not overestimating the hazards.
