An enigmatic Ethereum wallet that has been dormant for almost nine years has reappeared out of nowhere. Recently, after 8.5 years, the inactive premine address holding 492 ETH, valued at $1,139,052, was activated, according to a report by the cryptocurrency data tracker Whale Alert.
The tokens were probably bought by the owner during Ethereum’s initial coin offering (ICO), when one ETH was valued at about 31 cents.
But for the following eight and a half years, the wallet did nothing; neither transaction was sent nor received. This raises curiosity and speculation since it raises the issues of who was in possession of the wallet and why it was never utilised.
https://x.com/whale_alert/status/1753354116053541311?s=20
For a number of reasons, bitcoin wallets that have lain dormant may suddenly come to life. Dormant wallets can occasionally reappear after being compromised. In other cases, it’s simply because the owner forgot about it and decided that the current time would be ideal to sell after realising their mistake.
Ethereum price action
In the past day, ETH has climbed by 2.03% to $2,314 based on data from CoinMarketCap.
The price of ether hit new highs around $2,700 in the weeks before the spot Bitcoin ETF was approved, but it then declined in lockstep with the market. The price of Ethereum is attempting, in a startling turnaround, to initiate a recovery that may be driven by growing network activity.
As was previously mentioned, network activity on Ethereum is significantly rising. The Ethereum network is seeing 101,000 new ETH addresses created every day, with 484,000 unique addresses interacting with the blockchain, and network activity is around 30% greater than it was ninety days ago, according to statistics from on-chain analytics firm Santiment.
This indicates that more users are creating decentralised apps (dApps), using smart contracts, and transacting on the network.
