A post on a newly awoken crypto whale was made on the X platform by well-known cryptocurrency tracker Whale Alert. Ethereum valued at millions is stored in this wallet.
Nearly nine years have passed since the premined whale went into hibernation, beginning in 2015, the year after the Ethereum initial coin offering (ICO) concluded.
There are around 2,000 ETH, or $5,876,786 value, in the reactivated wallet.
https://x.com/whale_alert/status/1786025552857448879
Ethereum Foundation dumps ICO ETH
Nine years have passed since the reactivation of an old Ethereum Foundation wallet prior to this wakeup. The wallet sent out a whopping 2,000 ETH, which is worth almost $6.5 million. The funds invested in it during the Ethereum Initial Coin Offering (ICO) were transferred to a new blockchain address.
When the Ethereum Foundation has issued significant sums of Ethereum in the past, the market has responded badly. Market participants have witnessed many sales made by this notable firm this week. It was stated earlier today that 100 ETH was sold for 291,267 DAI via the Cow Protocol by another wallet associated with the organisation.
Ethereum whale activity soars high
This old whale’s reawakening happened after Ethereum whale activity as a whole showed the biggest address increase in the previous year. Cryptocurrency trader and researcher Ali Martinez claims that on April 29, over 139,560 additional ETH wallets were made.
The second-largest cryptocurrency had a massive 12.16% drop earlier this week, dropping from $3,243 to the $2,960 region. There was a brief 3.87% comeback after it. Traders quickly seized the chance presented by this bargain to purchase the dip, creating almost 140,000 new wallets and growing the network.
Michael van de Poppe, a well-known cryptocurrency expert, recently tweeted that he believes Ethereum may drop below the $2,500 range “for the most optimal play.” He does not, however, think that there would likely be such a significant drop in the cryptocurrency markets. He said, “Most of the negative is already in.”
