Benzinga - An Ethereum (CRYPTO: ETH) address that had been dormant for over seven years suddenly sprang to life. The address had been involved in Ethereum’s initial coin offering or ICO, and it seems that someone might now be testing the wallet.
What Happened: The wallet’s first transaction was a transfer of one ether to a new address, which may have been a test transaction.
According to the on-chain analysis account Lookonchain, the wallet had received 2,365 ETH, worth $4.42 million today, during Ethereum’s genesis. It’s remarkable to note that at the time of the ICO, one ether cost only $0.31. Currently, one ETH fetches about $1860. The dormant wallet has made a staggering 602901% gain.
An Ethereum ICO participant woke up after 7.7 years of dormancy and transferred 1 $ETH to a new address.He received 2,365 $ETH($4.42M currently) at Ethereum Genesis, the ETH ICO price is ~$0.31.https://t.co/hOfBSyml19 pic.twitter.com/yoMoB6vE9n
— Lookonchain (@lookonchain) April 24, 2023
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This news arrives on the heels of reports of similarly long-dormant Bitcoin whales awakening. Just last week, a staggering $60 million worth of Bitcoin (CRYPTO: BTC) was sent from a dormant wallet that had remained untouched for more than nine years.
The wallet received a total of 6,071.5 BTC in 2013 when the price of the apex cryptocurrency was hovering around $663.
Price Action: At the time of writing, ETH was trading at $1,845, down 1.51% in the last 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Rise Amid Increasing Sell Pressure: Is Apex Crypto At Risk Of ‘Summer Lull?’
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